REG - United Oil & Gas PLC - Fundraising to Raise £800,000 and Notice of AGM

United Oil & GasAnnouncement

03/07/2025 07:00

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RNS Number : 5116P  United Oil & Gas PLC  03 July 2025

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, IN, INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, NEW
ZEALAND, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH
RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION
(EU) 596/2014 AS IT FORMS PART OF DOMESTIC LAW IN THE UNITED KINGDOM BY VIRTUE
OF THE EU (WITHDRAWAL) ACT 2018 ("MAR"). IN ADDITION, MARKET SOUNDINGS (AS
DEFINED IN MAR) WERE TAKEN IN RESPECT OF THE FUNDRAISING WITH THE RESULT THAT
CERTAIN PERSONS BECAME AWARE OF INSIDE INFORMATION (AS DEFINED IN MAR), AS
PERMITTED BY MAR. THIS INSIDE INFORMATION IS SET OUT IN THIS ANNOUNCEMENT.
THEREFORE, THOSE PERSONS THAT RECEIVED INSIDE INFORMATION IN A MARKET SOUNDING
ARE NO LONGER IN POSSESSION OF SUCH INSIDE INFORMATION RELATING TO THE COMPANY
AND ITS SECURITIES.

 

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

 

Date 3(rd) July 2025

United Oil & Gas plc

("United" or "the Company")

 

Fundraising to Raise £800,000 and Notice of AGM

 

United Oil & Gas Plc (AIM: UOG), is pleased to announce a conditional
placing and subscription to raise gross proceeds of £800,000 (the
"Fundraising") through the issue of 444,444,444 new ordinary shares of
£0.00001 each (the "Fundraising Shares") in the capital of the Company at a
price of £0.0018 per share (the "Issue Price"). Global Investment Strategy
UK Limited acted as placing agent to the placing and raised gross proceeds of
£654,852 and an additional £145,148 was directly subscribed for with the
Company. The Fundraising was significantly oversubscribed and was scaled back.

 

As part of the Fundraising, participants will be issued one warrant for every
two new ordinary shares subscribed (the "Warrants"). Each Warrant will be
exercisable at £0.0028 and expire on 30 June 2026.

 

The authorisation to issue the Fundraising Shares along with associated
Warrants is included within the resolutions in the Company's forthcoming
Annual General Meeting ("AGM") on 25 July 2025 and subject to shareholder
approval.

 

Use of Proceeds

 

The net proceeds of the Fundraising will be used to:

 

·      Support the ongoing farm-out process for the
Company's Walton-Morant Licence in Jamaica, and

 

·      Provide general working capital for the Group.

 

Brian Larkin, Chief Executive Officer, commented:

 

"We are very pleased with the strong demand for this fundraising, which was
significantly oversubscribed, a clear vote of confidence in our strategy,
asset base, and progress in Jamaica.

 

We structured a modest raise to minimise dilution,  to give us near term
flexibility through a key phase while preserving upside for existing
shareholders. With two additional tranches of warrants already in place,
including the £0.0015 warrants now in the money, we have created a framework
for progressive funding through future warrant exercises. We continue to
focus on delivering on our primary objective the farmout of our Walton-Morant
licence in Jamaica.

 

The Jamaica farm-out process continues to gain traction. We are encouraged by
the quality of the parties and the growing level of engagement. Our focus
remains on securing the right partner to move the Walton-Morant Licence
forward in a way that creates long-term value.

 

The Walton-Morant Licence offers a rare combination: multi-billion-barrel
potential, drill-ready prospects, and shared geological traits with proven
regional systems such as Guyana and Trinidad Jamaica's favourable operating
environment and rising strategic importance in the context of regional energy
security all strengthen the investment case. The "string of pearls" play
concept - multiple prospects along trend - increases the potential scale and
upside of any initial success.

 

With the licence extended to January 2028 and growing momentum in the farm out
process, we are entering an exciting phase for United and its shareholders."

 

Notice of AGM

 

The Company has posted to shareholders, together with its Annual Report and
Accounts announced on 26 June 2025, the Notice of AGM to be held at the
offices of Laytons ETL, Yarnwicke, 1st Floor, 119-121 Cannon Street, London,
EC4N 5AT at 11:00 a.m. on 25 July 2025. A copy of the AGM Notice is available
on the Company's website at https://www.uogplc.com/investors/reports-cpr/
(https://www.uogplc.com/investors/reports-cpr/)

 

Issue of Equity and Admission

 

Application will be made for the Fundraising Shares to be admitted to trading
on AIM ("Admission"), which is expected to occur on or around 28(th) July
2025. The Fundraising Shares will rank pari passu with the existing ordinary
shares of the Company.

 

Following Admission, the Company's enlarged issued share capital will
comprise 2,508,322,223 ordinary shares. The Company will make a further
announcement at the time of Admission confirming the total voting rights.

 

**ENDS**

 

 

 Enquiries
 United Oil & Gas Plc (Company)                                                        +353 1 539 2520
 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
 Global Investment Strategy UK Limited (Placing Agent)
 Christopher Kipling

                                                                                     +44 (0) 207 048 9416

 

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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