REG - United Oil & Gas PLC - Intention to Make Performance Related Option Award

United Oil & GasAnnouncement

19/09/2025 07:00

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RNS Number : 9640Z  United Oil & Gas PLC  19 September 2025

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

 

19 September 2025

United Oil & Gas plc

("United" or "the Company")

 

Intention to Make Performance Related Options Award

 

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,
announces that it has updated its unapproved share option scheme and its
intention to award of up to 332,361,111 performance related share options
pursuant to the amended scheme.

 

These options will not be able to be exercised unless the Company's share
price reaches at least £0.0054 per share, representing a 300% premium to both
the July 2025 placing price and the proposed exercise price. This will ensure
that management, directors, and other contributors will benefit only after
substantial value creation for shareholders.

 

Background

 

In 2020 United's Remuneration Committee adopted a Remuneration Policy (revised
in 2021) that included an unapproved share option scheme (the "Current Option
Scheme"), allowing the grant of options "Eligible Persons" provided that
outstanding employee share options do not ordinarily exceed 15% of the
Company's issued share capital in any rolling 10-year period. Additionally,
the Company clarifies that its Annual Report and Accounts previously referred
incorrectly to a 10% limit; the correct figure has always been 15%.

 

Following a review, to align employees with the Company's success and offset
salary reductions from recent years, the Board has updated the scheme to:

 

·    Broaden eligibility to include contractors and consultants who have
made material contribution to the Group; and

·    Adjust the vesting period from 3 to 1 year from the date of grant,
ensuring alignment with value creation for shareholders

 

(the "Updated Option Scheme").

 

To date, 41,404,156 options have been awarded under the Current Option Scheme.
 

 

Intended award of options

 

The Board intends to make an award of options, including to the Directors and
PDMRs, at an appropriate time following the publication of the Company's
interim results (due to be released by 30 September 2025) under the Update
Option Scheme.

 

The main criterion for the intended options grant will be linked to share
price performance as the options will not be able to be exercised unless the
Company's share price reaches at least £0.0054 per share, representing a 300%
premium to both the July 2025 placing price and the proposed exercise price.
This provides the Company with the flexibility to incentivise and retain key
contributors while maintaining strong alignment with shareholder interests.

 

The key terms of the intended options are:

 

a)    Total Award: up to 332,361,111 options (13.224% of the Company's
current issued share capital of 2,513,322,223)

b)    Exercise price: £0.0018 per option, (equal to the July 2025 placing
price)

c)    Vesting period: 1 year from date of grant

d)   Performance criterion: Options become exercisable only if the
Company's share price reaches £0.0054 per ordinary share, representing
a 300% premium to both the exercise price and the July 2025 placing price

e)    Option life: 10 years from date of grant.

 

A further announcement will be made as and when the options are awarded
pursuant to the Updated Option Scheme.

 

 

 

 

**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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