REG - United Oil & Gas PLC - Results for Half Year ending 30 June 2025
29/09/2025 07:00
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250929:nRSc1015Ba&default-theme=true
RNS Number : 1015B United Oil & Gas PLC 29 September 2025
United Oil & Gas PLC / Index: AIM / Epic: UOG / Sector: Oil & Gas
29 September 2025
United Oil & Gas plc
("United" or "the Company")
Results for Half Year ending 30 June 2025
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 its unaudited results for the period ending 30 June 2025.
Brian Larkin, United Chief Executive Officer commented:
The first half of 2025 has been about strengthening the foundations for value
creation at Walton Morant. In March, the early two-year licence extension to
January 2028 was a critical milestone, giving us the certainty and running
room needed to drive farm-out discussions forward. For shareholders, it
provides a clear pathway for value to be unlocked across one of the few
billion-barrel frontier opportunities still available globally.
The Walton Morant licence is exceptional in scale and quality and spans 22,400
km² with over 40 identified leads and prospects and unrisked potential of c.
7 billion¹ barrels. Eleven prospects already independently certified hold 2.4
billion barrels. Combined with highly competitive fiscal terms, strong
government support, and breakeven metrics around $25/bbl² in a success case,
these attributes make Walton Morant a standout frontier opportunity. This is
reflected in renewed sentiment across the sector and, importantly, in the
engagement of potential farmin partners, who continue to review and evaluate
the licence under NDA, a clear sign of momentum in the farmout process.
Alongside this, we have made tangible progress on permitting. Post period end,
during Q3, we received both the Environmental Permit and the Beach Licence
which were approved by the National Environmental and Planning Agency ("NEPA")
marking key steps in operational readiness. On the corporate side, during
January we completed the equity placing announced in December 2024, receiving
the final tranche of £315,000 and issued 350,000,000 warrants at £0.0015
expiring 31 December 2025. In May we raised further funds totalling £140,000
at market with an existing shareholder and subsequent to this between May and
June, shareholders exercised a total of 48 million warrants raising £55,500.
We also extended the £0.0028 warrants due to expire on 30 June 2025 until 31
December 2025. Post period end, a further 5 million £0.0015 warrants were
exercised, and we successfully raised gross funds of £800,000 at £0.0018,
which was approved at the AGM on 25 July. This placing was oversubscribed and
shows the strength of support from our shareholders which we greatly
appreciate.
Post-period end, the recent findings of the independent risking study were
highly encouraging, confirming that a positive survey result in the Walton and
Morant Basins could significantly derisk the offshore petroleum system already
proven onshore. Importantly, the study highlighted substantial uplifts in
drilling success probabilities:
• Colibri: Improved from 1-in-5 (19% GCA) to 1-in-3
(32%)
• Oriole: Improved from 1-in-8 (13% GCA) to 1-in-5
(21%)
These positive results reflect the broader potential across the Walton Morant
licence if piston coring confirms a mature source rock and the presence of
migrated hydrocarbons.
Overall, the first half of 2025 has been highly progressive, with notable
momentum clearly building on the Jamaican licence. The Walton Morant Risking
Report will add significant value to our farmout efforts while permitting
milestones demonstrate operational readiness. As we move into the latter part
of the year, our focus remains on advancing work programmes across Jamaica and
continuing to make steady progress on farmout discussions.
Outlook
"We enter the second half of the year with real momentum. Our priority is to
secure a farm-out partner for Jamaica while continuing to advance planning
and permitting so the licence is ready for operations. The new Risking Report
underlines the scale of the opportunity and shows how further technical work
can materially de-risk the basin. With potential partners reviewing the
licence data under NDA and discussions ongoing, we are confident that Walton
Morant is positioned to deliver transformational value for our shareholders."
**END**
This announcement contains inside information for the purposes of Article 7 of
Regulation 2014/596/EU which is part of domestic UK law pursuant to the
Market Abuse (Amendment) (EU Exit) regulations (SI 2019/310).
¹ 7 Billion bbls is UOG's arithmetic sum of the Unrisked Mean/Mid-Case
Prospective Resources for each prospect/lead identified within the Walton
Morant Licence boundary by UOG and previous operators
² Based on UOG's internal estimates
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)
CONSOLIDATED INCOME STATEMENT
Period ended 30 June 2025
Note Period ended 30 June 2025 Period ended 30 June 2024 Year ended 31 December 2024
Unaudited Unaudited Audited
$ $ $
Continuing operations:
Revenue - - -
Cost of sales - - -
- - -
Gross profit
Administrative expenses:
Other administrative expenses (568,642) (641,849) (963,968)
Exploration and New Venture write offs - (157,489) (392,182)
Foreign exchange gains / (losses) 121,061 (584,191) (550,531)
Operating loss (447,581) (1,383,529) (1,906,681)
Finance expense (13,599) (2,709) (15,478)
Loss before taxation (461,180) (1,386,238) (1,922,159)
Taxation - - -
Loss for the period from continuing operations (461,180) (1,386,238) (1,922,159)
Discontinued operations 4 122,641 (230,012) (519,248)
Loss for the financial period attributable to the Company's equity (338,539) (1,616,250) (2,441,407)
shareholders
Loss per share from continuing operations expressed in cents per share:
Basic 3 (0.02) (0.15) (0.18)
Diluted 3 (0.02) (0.15) (0.18)
Total loss per share expressed in cents per share:
Basic 3 (0.02) (0.17) (0.23)
Diluted 3 (0.02) (0.17) (0.23)
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Period ended 30 June 2025 Period ended 30 June 2024 Year ended 31 December 2024
Unaudited Unaudited Audited
$ $ $
Loss for the financial period (338,539) (1,616,250) (2,441,407)
Foreign exchange difference (144,771) (9,549) (33,636)
Loss for the financial period attributable to the Company's equity (483,310) (1,625,799) (2,475,043)
shareholders
CONSOLIDATED BALANCE SHEET
On 30 JUNE 2025
Note 30 June 2025 30 June 2024 31 December 2024
Unaudited Unaudited Audited
$ $ $
NON-CURRENT ASSETS
Intangible assets 5 7,780,463 6,776,958 7,413,031
Property, plant and equipment 976 38,200 867
7,781,439 6,815,158 7,413,898
CURRENT ASSETS
Trade and other receivables 6 85,226 888,021 67,728
Cash and cash equivalents 209,213 755,247 775,288
294,439 1,643,268 843,016
CURRENT LIABILITIES
Trade and other payables (1,409,957) (1,549,375) (1,858,271)
Borrowings (189,356) (189,356) (189,356)
Lease liabilities - (43,097) -
(1,599,313) (1,781,828) (2,047,627)
NET CURRENT LIABILITIES (1,304,874) (138,560) (1,204,611)
NON-CURRENT LIABILITIES
Decommissioning Provisions (292,629) (252,362) (254,933)
NET ASSETS 6,183,936 6,424,236 5,954,354
CAPITAL AND RESERVES ATTRIBUTABLE TO EQUITY
HOLDERS OF THE COMPANY 7 8,857,568 8,846,017 8,850,905
Share capital
Share premium 7 19,013,115 17,885,304 18,440,093
Share-based payment reserve 2,259,959 2,676,975 2,126,752
Merger reserve (2,697,357) (2,697,357) (2,697,357)
Translation reserve (1,177,045) (1,008,187) (1,032,274)
Retained earnings (20,072,304) (19,278,516) (19,733,765)
TOTAL EQUITY 6,183,936 6,424,236 5,954,354
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Period ended 30 June 2025
Share- based payment reserve Retained Translation reserve Merger reserve
earnings
Share capital Share premium Total
equity
$ $ $ $ $ $ $
For the period ended 30 June 2025
Balance at 1 January 2025 8,850,905 18,440,093 2,126,752 (19,733,765) (1,032,274) (2,697,357) 5,954,354
Loss for the period - - - (338,539) - - (338,539)
Foreign exchange difference - - - - (144,771) - (144,771)
Total comprehensive income for the period - - - (338,539) (144,771) - (483,310)
Contributions by and distributions to owners:
Share based payments - - 15,397 - - - 15,397
Shares issued 6,663 690,832 - - - - 697,495
Share issue expenses - (117,810) 117,810 - - - -
Total contributions by and distributions to owners 6,663 573,022 133,207 - - - 712,892
Balance at 30 June 2025 (Unaudited) 8,857,568 19,013,115 2,259,959 (20,072,304) (1,177,045) (2,697,357) 6,183,936
For the period ended 30 June 2024
Balance at 1 January 2024 8,839,679 16,798,823 2,511,686 (17,662,266) (998,638) (2,697,357) 6,791,927
Loss for the period - - - (1,616,250) - - (1,616,250)
Foreign exchange difference - - - - (9,549) - (9,549)
Total comprehensive income for the period - - - (1,616,250) (9,549) - (1,625,799)
Contributions by and distributions to owners:
Share based payments - - 45,371 - - - 45,371
Shares issued 6,338 1,261,222 - - - - 1,267,560
Share issue expenses - (174,741) 119,918 - - - (54,823)
Total contributions by and distributions to owners 6,338 1,086,481 165,289 - - - 1,258,108
Balance at 30 June 2024 (Unaudited) 8,846,017 17,885,304 2,676,975 (19,278,516) (1,008,187) (2,697,357) 6,424,236
For the period ended 31 December 2024
Balance at 1 January 2024 8,839,679 16,798,823 2,511,686 (17,662,266) (998,638) (2,697,357) 6,791,927
Loss for the period - - - (2,441,407) - - (2,441,407)
Foreign exchange difference - - - - (33,636) - (33,636)
Total comprehensive income for the year - - - (2,441,407) (33,636) - (2,475,043)
Contributions by and distributions to owners:
Shares issued 11,226 1,745,199 - - - - 1,756,425
Share issue expenses - (103,929) - - - - (103,929)
Share-based payments - - 81,090 - - - 81,090
Lapsed share-based payments - - (466,024) 369,908 - - (96,116)
Total contributions by and distributions to owners 11,226 1,641,270 (384,934) 369,908 - - 1,637,470
Balance at 31 December 2024 (Audited) 8,850,905 18,440,093 2,126,752 (19,733,765) (1,032,274) (2,697,357) 5,954,354
CONSOLIDATED STATEMENT OF CASHFLOWS
Period ended 30 June 2025
Period ended 30 June 2025 Period ended 30 June 2024 Year ended 31 December 2024
Unaudited Unaudited Audited
$ $ $
Cash flows from operating activities
(Loss) / profit before taxation (338,539) (1,616,250) (2,441,407)
Adjustments for:
Share-based payments 15,397 45,371 (15,026)
Depreciation & amortisation - 47,268 78,574
Interest expense 13,599 2,709 15,478
Foreign exchange movements (121,062) 608,495 581,067
(430,605) (912,407) (1,781,314)
(Increase) / decrease in trade and other receivables (17,498) 1,124,238 1,944,531
Decrease in trade and other payables (424,219) (362,477) (53,790)
Net cash (used in) / generated from operating activities (872,322) (150,646) 109,427
Cash flows from investing activities
Purchase of property, plant & equipment - - -
Spend on exploration activities (304,362) (642,017) (1,291,111)
Net cash used in investing activities (304,362) (642,017) (1,291,111)
Cash flows from financing activities
Issue of ordinary shares (net of expenses) 697,495 1,212,738 1,652,496
Repayments on swap financing arrangement - (1,000,000) (1,000,000)
Capital payments on lease - (52,792) (86,799)
Interest paid on lease - (2,709) (3,327)
Net cash generated by financing activities 697,495 157,237 562,370
Decrease in cash and cash equivalents (479,189) (635,426) (619,314)
Cash and cash equivalents at beginning of period / year 775,288 1,992,495 1,992,495
Effects of exchange rate changes (86,886) (601,822) (597,893)
Cash and cash equivalents at end of period / year 209,213 755,247 775,288
Notes to the financial information
Period ended 30 June 2025
1. GENERAL
The interim financial information for the period to 30 June 2025 is unaudited.
2. ACCOUNTING POLICIES
The interim financial information in this report has been prepared on the
basis of the accounting policies set out in the audited financial statements
for the period ended 31 December 2024, which complied with International
Financial Reporting Standards as adopted for use in the European Union
("IFRS").
IFRS is subject to amendment and interpretation by the International
Accounting Standards Board ("IASB") and the IFRS Interpretations Committee and
there is an on-going process of review and endorsement by the European
Commission.
The financial information has been prepared on the basis of IFRS that the
Directors expect to be applicable as at 31 December 2025.
The Directors have adopted the going concern basis in preparing the financial
information. In assessing whether the going concern assumption is
appropriate, the Directors have taken into account all relevant available
information about the foreseeable future.
The condensed financial information for the year ended 31 December 2024 set
out in this interim report does not comprise the Group's statutory accounts as
defined in section 434 of the Companies Act 2006.
The statutory accounts for the year ended 31 December 2024, which were
prepared under IFRS, have been delivered to the Registrar of Companies. The
auditors reported on these accounts; their report was unqualified and did not
contain a statement under section 498(2) or 498(3) of the Companies Act 2006.
Foreign currency
Transactions in foreign currencies are recorded at the rate ruling at the date
of the transaction. Monetary assets and liabilities denominated in foreign
currencies are translated at the rate of exchange ruling at the year-end date.
All differences are taken to the Income Statement.
Assets and liabilities of subsidiaries that have a functional currency
different from the presentation currency (US dollar), if any, are translated
at the closing rate at the date of each balance sheet presented. Income and
expenses are translated at average exchange rates. All resulting exchange
differences are recognised in other comprehensive income (loss), if any.
Going Concern
The Group has prepared a cashflow forecast for the next 12 months, ending 30
September 2026, taking account of the Group's business activities, together
with the factors likely to affect its future development, performance and
position as set out in the Chief Executive Officers statement and the Strategy
Report in the annual report 2024.
Monitoring and Forecasting Activities
United regularly monitors its cash flows, and liquidity through detailed
forecasts. These include scenario and sensitivity analyses, which are reviewed
by the Board and may impact the Group's future performance.
A base case scenario has been developed that includes budgeted commitments, a
Jamaican farmout covering some back costs and all forward current work program
costs by end of November 2025, and the exercise of 300 million in December
2025.
The company currently has no revenue and is operating at an annual loss and
shows a current net liability as at 30 June 2025. Its only funding options are
through warrant exercises, a Jamaican farmout deal covering back and future
work program costs, or equity financing.
Key Assumptions and Sensitivities
The key assumptions and related sensitivities include a "Reasonable Worst
Case" ("RWC") sensitivity where the Board has considered a scenario with
significant aggregated downside, including a delay in the farmout, delay in
exercise of warrants and an equity raise.
Under the combined RWC, the Group forecasts there will be sufficient resources
to continue in operational existence for the foreseeable future. The various
assumptions considered were:
• No Jamaican farmout within 12 months
• No warrant exercised
• Additional equity requirements
Despite these risks, the Group expects to maintain sufficient resources for
ongoing operations.
While it is unlikely that all these downside events will occur simultaneously,
the Group has identified mitigating actions. These include deferring some
capital expenditure and some further reduction to the cost base which would
reduce costs by 10%, and potentially raising equity, though success would
depend on market conditions and cannot be guaranteed.
Based on past experience, the Directors believe an equity raise is likely to
be successful.
According to current forecasts, the Group are expected to meet all liabilities
as they fall due.
The Directors also consider it reasonably likely that a Jamaican farmout will
be achieved or, if necessary, that additional equity funding can be secured.
However, neither outcome is guaranteed.
The Directors have considered the various matters set out above and have
concluded that a material uncertainty exists that may cast significant doubt
on the ability of the Group to continue as a going concern and the Group may
therefore be unable to realise their assets or discharge their liabilities in
the normal course of business.
Nevertheless, after making enquiries and considering the uncertainties
described above, the Directors are of the view that the Group will have
sufficient cash resources available to meet their liabilities and continue in
operational existence for at least 12 months from the date of approval of
these 2025 interim financial statements.
On that basis, the Directors consider it appropriate to prepare the interim
financial statements on a going concern basis. These interim financial
statements do not include any adjustment that would result from the going
concern basis of preparation as not appropriate to use.
Exploration and evaluation assets
The group accounts for oil and gas expenditure under the full cost method of
accounting.
Costs (other than payments to acquire the legal right to explore) incurred
prior to acquiring the rights to explore are charged directly to the profit
and loss account. All costs incurred after the rights to explore an area have
been obtained, such as geological, geophysical, data costs and other direct
costs of exploration and appraisal are accumulated and capitalised as
intangible exploration and evaluation ("E&E") assets.
E&E costs are not amortised prior to the conclusion of appraisal
activities. At the completion of appraisal activities if technical feasibility
is demonstrated and commercial reserves are discovered, then following
development sanction, the carrying value of the relevant E&E asset will be
reclassified as a development and production asset within tangible fixed
assets.
If after completion of appraisal activities in an area, it is not possible to
determine technical feasibility or commercial viability, then the costs of
such unsuccessful exploration and evaluation are impaired to the Income
Statement. The costs associated with any wells which are abandoned are fully
amortised when the abandonment decision is taken.
Classification and measurement of financial liabilities
The Group's financial liabilities include borrowings, trade and other
payables.
Financial liabilities are initially measured at fair value, and, where
applicable, adjusted for transaction costs unless the Group designated a
financial liability at fair value through profit or loss.
Subsequently, financial liabilities are measured at amortised cost using the
effective interest method except for derivatives and financial liabilities
designated at FVTPL, which are carried subsequently at fair value with gains
or losses recognised in profit or loss.
All interest-related charges and, if applicable, changes in an instrument's
fair value that are reported in profit or loss are included within finance
costs or fair value gains/(losses) on derivative financial instruments.
3. EARNINGS PER SHARE
Basic earnings per share is calculated by dividing the profit attributable to
ordinary shareholders by the weighted average number of ordinary shares
outstanding during the period.
Basic and diluted earnings per share
Unaudited Unaudited Audited
Period ended 30 June 2025 Period ended 30 June 2024 Year ended 31 December 2024
Loss for the period used in calculating total earnings per share ($) (338,539) (1,616,250) (1,922,159)
Loss for the period used in calculation of earnings per share from continuing (461,180) (1,386,238) (2,441,407)
operations
Weighted average number of ordinary shares for the purposes of basic & 1,916,179,015 939,321,002 1,063,157,248
diluted earnings per share (number)
Basic and diluted (loss) per share from continuing operations (cents per (0.02) (0.15) (0.18)
share)
Basic and diluted (loss) per share from continuing and discontinued operations (0.02) (0.17) (0.23)
4. DISCONTINUED OPERATIONS
In November 2023, the Group made a decision to discontinue the Egypt
operations.
The results of the discontinued operations, which have been included in the
reported result for the period, were as follows:
Unaudited Unaudited Audited
30 June 2025 30 June 2024 31 December 2024
$ $ $
Revenue - - -
Cost of sales - - -
Administrative expenses (27,359) (178,528) (269,505)
Reversal / impairment of exploration & producing assets 150,000 (27,179) (219,209)
Foreign exchange losses - (24,305) (30,534)
Interest expense - - -
Profit / (loss) before tax 122,641 (230,012) (519,248)
Attributable tax expense - - -
Net loss attributable to discontinued operations 122,641 (230,012) (519,248)
The results show the effect of the discontinued operations separately from
continuing operations in accordance with IFRS 5.
Assets and liabilities of Egypt have not been classified as held for sale as
at 30 June 2025 or 31 December 2024 due to their immaterial nature and because
all short-term assets and liabilities are expected to be either settled or
transferred to continuing Group operations. These are included in the
respective Group assets and liabilities and are as follows:
Unaudited Unaudited Audited
30 June 2025 30 June 2024 31 December 2024
Assets $ $ $
Property, plant and equipment - 6,309 -
Trade and other receivables 25,785 839,460 25,785
Cash 3,500 44,301 28,408
Total assets 29,285 890,070 54,193
Liabilities
Trade and other payables (36,679) - (36,679)
Lease liability - (8,616) -
Total liabilities (36,679) (8,616) (36,679)
Net (liabilities) / assets (7,394) 881,454 17,514
5. INTANGIBLE ASSETS
Intangible assets comprise the Group's exploration and evaluation projects
which are pending determination.
Management review the intangible exploration assets for indications of
impairment at each balance sheet date based on IFRS 6 criteria. Commercial
reserves have not yet been established and the evaluation and exploration work
is ongoing. The Directors do not consider that any indications of impairment
have arisen and accordingly the assets continue to be carried at cost.
6. TRADE AND OTHER RECEIVABLES
Unaudited Unaudited Audited
30 June 2025 30 June 2024 31 December 2024
$ $ $
Trade receivables 25,785 839,200 25,785
Other tax receivables 45,134 37,612 35,172
Other receivables 14,307 11,209 6,771
85,226 888,021 67,728
7. SHARE CAPITAL & SHARE PREMIUM
Allotted, issued, and fully paid:
30 June 2025
Share capital Share premium
No $ $
Opening balance
Deferred A shares of £0.00999 each 656,353,969 8,830,840 16,782,024
Ordinary shares of £0.00001 each 1,541,353,969 20,065 1,658,069
Issue of ordinary shares net of transaction costs 522,523,810 6,663 573,022
Total at 30 June 2025:
Deferred A shares of £0.00999 each 656,353,969 8,830,840 16,782,024
Ordinary shares of £0.00001 each 2,063,877,779 26,728 2,231,091
2,720,231,748 8,857,568 19,013,115
30 June 2024
Share capital Share premium
No $ $
Ordinary shares of £0.01 each
Opening balance 656,353,969 8,839,679 16,798,823
Share split 20 March 2024
Deferred A Shares of £0.00999 656,353,969 8,830,840 16,782,024
New Ordinary shares of £0.0001 656,353,969 8,839 16,799
Issue of ordinary shares net of transaction costs 500,000,000 6,338 1,086,480
Total at 30 June 2024:
Deferred A shares of £0.00999 each 656,353,969 8,830,840 16,782,024
Ordinary shares of £0.00001 each 1,156,353,969 15,177 1,103,279
1,812,707,938 8,846,017 17,885,303
31 December 2024
Share capital Share premium
No $ $
Ordinary shares of £0.01 each
Opening balance 656,353,969 8,839,679 16,798,823
Share split 20 March 2024
Deferred A Shares of £0.00999 each 656,353,969 8,830,840 16,782,024
New Ordinary shares of £0.0001 each 656,353,969 8,839 16,799
Allotments:
Ordinary shares of £0.00001 each - issued for cash 500,000,000 6,338 1,086,480
Share issue expenses - - (103,929)
Total at 31 December 2024:
Deferred A shares of £0.00999 each 656,353,969 8,830,840 16,782,024
Ordinary shares of £0.00001 each 1,541,353,969 20,065 1,658,069
2,197,707,938 8,850,905 18,440,093
On 8 January 2025, the Company completed the final tranche of the placing
announced in December 2024, with all resolutions duly passed at the General
Meeting. A total of 315,000,000 shares were issued at £0.001 per share,
raising £315,000 and completing the December 2024 funding.
On 27 January 2025, the Company issued 59,523,810 shares to Rockhopper at
£0.001 per share in settlement of a legacy liability, equivalent to
£59,532.81.
In May 2025, the Company issued 100,000,000 shares at £0.0014 per share,
raising £140,000 from an existing shareholder to support the farm-out in
Jamaica. This was followed by the exercise of 48,000,000 warrants in May and
June, raising a further £55,500.
8. EVENTS AFTER THE BALANCE SHEET DATE
On 3 July 2025, the Company announced it had raised £800,000 (gross) through
a placing and subscription, issuing 444,444,444 new shares at £0.0018 each.
As part of the fundraising, one warrant was issued for every two placing
shares, exercisable at £0.0028 for one year from date of issue.
On 8 July 2025, the Company announced the exercise of 5,000,000 warrants at
£0.0015 each, raising £7,500.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END IR UBRRRVSUKUARRecent news on United Oil & Gas
See all newsRCS - United Oil & Gas PLC - Investor presentation via Investor Meet Company
AnnouncementRCS - United Oil & Gas PLC - Publication of Piston Core Presentation
AnnouncementRCS - United Oil & Gas PLC - United signs Vessel MOU for Jamaica Survey
AnnouncementREG - United Oil & Gas PLC - Posting of Circular and Notice of GM
AnnouncementREG - United Oil & Gas PLC - Conditional Fundraising to Deliver Piston Coring
Announcement