REG - United Oil & Gas PLC - Investment to advance Jamaica

United Oil & GasAnnouncement

07/05/2025 11:00

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RNS Number : 6920H  United Oil & Gas PLC  07 May 2025

07 May 2025

United Oil & Gas plc

("United" or the "Company")

Strategic Investment to Advance Jamaican Farm-Out

United Oil & Gas Plc (AIM: "UOG"), is pleased to announce that it has
secured gross proceeds of £140,000 through a capital raise with an existing
shareholder (the "Investor").

Background and Funding Details

This funding has been completed through a placing of 100,000,000 new Ordinary
Shares of £0.0001 each (the "Placing Shares") at a price of 0.14 pence per
share (the "Placing"), arranged by Shard Capital, representing no discount to
the closing bid-offer spread on 6 May 2025.

This placing utilises the remaining share issuance authority currently
available to the Company, excluding existing warrants.

Application will be made for the Placing Shares to be admitted to trading on
AIM, with admission expected to occur on or around 12 May 2025.  The Placing
Shares will rank pari passu with the existing Ordinary Shares of the Company.

Following Admission, the Company's total issued share capital will comprise
2,015,877,779 Ordinary Shares. This figure may be used by shareholders as the
denominator for calculations under the FCA's Disclosure Guidance and
Transparency Rules.

Use of Proceeds

Proceeds from the placing will be used to strengthen the Company's working
capital position and support the ongoing farm-out process at its Walton-Morant
Licence offshore Jamaica, where multiple parties remain under NDA conducting
active due diligence.

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

 

"We are pleased to have received this support from an existing shareholder who
continues to demonstrate confidence in our strategy. This investment enhances
our near-term funding position and supports the momentum building around our
Jamaican farm-out process."

 

 

**ENDS**

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

 Isabella Pierre | Damon Heath

 

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.

 

 

 

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