REG - United Oil & Gas PLC - Derisking potential from Geochemical work

United Oil & GasAnnouncement

25/09/2025 07:00

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RNS Number : 7168A  United Oil & Gas PLC  25 September 2025

  United Oil & Gas PLC / Index: AIM / Epic: UOG / Sector: Oil & Gas

 

25(th) September 2025

United Oil & Gas plc

("United" or "the Company")

 

Independent Risking Study Confirms Derisking Potential from

Geochemical Work at Walton-Morant

 

 

United Oil & Gas Plc (AIM: "UOG"), the oil and gas company with a high
impact exploration asset in Jamaica and a development asset in the UK, is
pleased to announce the findings of an independent Risking Review Study by
Iapetus Geoscience Limited (the "Study") that highlights the value of the
planned Surface Geochemical Exploration ("SGE") survey, including piston
coring, at the Walton Morant Licence offshore Jamaica.

 

This Study provides compelling evidence that the SGE survey could materially
de-risk the Walton Morant Licence. A successful piston coring programme could
significantly increase the Geological Chance of Success ("GCoS") across
multiple high-impact prospects and leads by validating the presence of an
active petroleum system in the licence area.

 

Key Findings: Material Risk Reduction from Future Piston Coring Results

 

The summary conclusion is that successful piston coring would:

§ Increase the GCoS at Colibri prospect to 32% - uplifting from the previous
19% estimate (GaffneyCline, 2020)(1)

§ Raise the GCoS at the Oriole prospect to 21% from 13% (GaffneyCline 2020)
(1)

§ Confirm that a working petroleum system exists offshore Jamaica that is
already verified onshore

§ Similar uplift in GCoS would be anticipated across the prospectivity of the
broader Walton and Morant basins

These outcomes would substantially improve pre-drill confidence and de-risk
the licence at scale. The full Risking Review Study report is available on
United's website.

 

Importantly, the independent review itself strengthens the technical case for
Walton Morant, enhancing its attractiveness to potential farm-in partners. The
uplift scenarios highlight how future technical work can further de-risk the
basin, supporting United's strategy of continuous technical de-risking to
underpin commercial engagement.

 

Brian Larkin, CEO of United Oil & Gas, commented:

 

"We are very encouraged by the findings of this independent study, which
reinforces our belief that our Jamaican licence is a world-class yet
underexplored opportunity.

 

A 1-in-3 Geological Chance of Success at Colibri would be exceptional for
frontier exploration, with the uplift indicative of broader basin potential.
Even at this stage, the independent review itself enhances the technical case
for Walton Morant and increases its appeal to potential farm-in partners.

 

Interest from potential farm-in partners continues, supported by Walton
Morant's multiple drill-ready prospects with an estimated 7.1 billion barrel
of potential². Alongside recent permitting progress, this independent
validation underscores both the technical momentum and enormous commercial
opportunity as we advance farm-out discussions and preparations for future
activity."

 

About the Study

 

The review assessed the current GCoS at the Colibri and Oriole prospects and
modelled how surface geochemical exploration, particularly piston coring,
could enhance those chances. Uplift would come from detecting thermogenic
hydrocarbons in seabed samples, thus providing direct evidence of an active
source rock and effective migration pathways within the licence area.

 

The planned SGE work involves collecting 40-60 piston core samples, supported
by high-resolution multibeam echosounder (MBES) mapping of the seabed.
Additional heat probe data acquisition will also help to refine basin
modelling.

 

The study was commissioned from Iapetus Geoscience Limited, an independent
geoscience consultancy with more than 35 years' experience in petroleum
exploration, basin risking and geochemical analysis projects for NOCs, IOCs
and supermajors in both frontier and mature regions worldwide.

 

Qualified Person Statement

Paul Ryan, Geoscience Advisor to UOG, who has over 20 years of relevant
experience in the oil and gas industry, has reviewed and approved the
information contained in this announcement.  Paul Ryan is a qualified person
as defined in the guidance note for Mining Oil & Gas Companies of
the London Stock Exchange and is a member of the Geoscience Exploration
Society of Great Britain (GESGB), the American Association of Petroleum
Geologists (AAPG) and the Society of Petroleum Engineers (SPE).

Disclaimer

Risking is an imprecise science open to a range of subjectivities and
psychological biases (Polson and Curtis, 2010). There is no "standard"
approach within the industry and no widely accepted benchmarking. There is
also no "correct" answer. A drilled prospect will either be a discovery (Pg =
1.0) or a failure (Pg = 0.0). Risking is the best attempt to summarise all the
available evidence and understanding of an exploration play or prospect to
estimate chance of geological success in a probabilistic manner. Most
approaches estimate a probability for each of the independent fundamental
components in the petroleum system and multiply these together to give an
overall Pg (e.g. Rose, 2001). The definition and number of the components vary
between operators, but they are always weighted equally because the failure of
any one of them results in a failure of the prospect.

 

Iapetus Geoscience Limited is an independent consultancy that has no
commercial interest in the Walton-Morant Licence, and it has carried out the
risking as objectively as possible.

 

1.   Prospective Resources Report by Gaffney Cline & Associates
(GaffneyCline), December 2020.

2.   Based on UOG's arithmetic sum of the Unrisked Mean or Mid-Case
Prospective Resources for each prospect or lead identified within the Walton
Morant Licence boundary by UOG and/or previous operators

**ENDS**

 

 

 Enquiries
 United Oil & Gas Plc (Company)
 Brian Larkin, CEO                                      brian.larkin@uogplc.com

 Beaumont Cornish Limited (Nominated Adviser)
 Roland Cornish | Felicity Geidt | Asia Szusciak        +44 (0) 20 7628 3396

 Tennyson Securities (Joint Broker)
 Peter Krens                                            +44 (0) 20 7186 9030

 Optiva Securities Limited (Joint Broker)
 Christian Dennis                                       +44 (0) 20 3137 1902

 Shard Capital Limited (Joint Broker)                   +44 (0) 207 186 9900

 Damon Heath | Isabella Pierre

 

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated
Adviser and is authorised and regulated by the FCA. Beaumont Cornish's
responsibilities as the Company's Nominated Adviser, including a
responsibility to advise and guide the Company on its responsibilities under
the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed
solely to the London Stock Exchange. Beaumont Cornish is not acting for and
will not be responsible to any other persons for providing protections
afforded to customers of Beaumont Cornish nor for advising them in relation to
the proposed arrangements described in this announcement or any matter
referred to in it.

 

 

 

 

Notes to Editors

United Oil & Gas is an oil and gas company with a development asset in
the UK and a high impact exploration licence in Jamaica.

 

The business is led by an experienced management team with a strong track
record of growing full cycle businesses, partnered with established industry
players and is well positioned to deliver future growth through portfolio
optimisation and targeted acquisitions.

United Oil & Gas is listed on the AIM market of the London Stock
Exchange. For further information on United Oil and Gas please
visit www.uogplc.com (http://www.uogplc.com)

 

 

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