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) Damon Heath | Isabella Pierre
+44 (0) 207 186 9900
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
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 shareholders
(338,539)
(1,616,250)
(2,441,407)
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 shareholders
(483,310)
(1,625,799)
(2,475,043)
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 Share capital
7
8,857,568
8,846,017
8,850,905
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 capital
Share premium
Share- based payment reserve
Retained earnings
Translation reserve
Merger reserve
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 operations
(461,180)
(1,386,238)
(2,441,407)
Weighted average number of ordinary shares for the purposes of basic & diluted earnings per share (number)
1,916,179,015
939,321,002
1,063,157,248
Basic and diluted (loss) per share from continuing operations (cents per share)
(0.02)
(0.15)
(0.18)
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.
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