AIM-listed United Oil & Gas, the oil and gas company with a high impact exploration asset in Jamaica and a development asset in the UK has announced 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.'
Source: United Oil & Gas
