Positive Drill Rig Study Results

United Oil & Gas PLC

20 October 2026

 

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

20 October 2026

United Oil & Gas plc

(“United” or “the Company”)

Positive Drill Rig Study Results

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 positive results from the drilling rig and long-lead availability study (the “Study”) undertaken by NRG Well Management ("NRG") for the Walton Morant licence, offshore Jamaica. The Study was progressed in parallel with, and in support of, the Company's farm-out process. United's immediate focus is firmly on concluding its ongoing farm-out discussions.

The Study identifies a clear pathway to delivering a future exploration campaign: a substantial rig pool, key long-lead requirements outlined, and a Jamaica-based logistics model identified.

Highlights:

• Supports farm-out process: provides potential farm-in partners clarity on the execution pathway for a future exploration campaign
• Substantial rig pool identified: a double-digit pool of suitable available rigs all assessed against capability, timing and regional positioning
• Campaign flexibility retained: covers the key Colibri target well (406 MMbo¹) and the deeper-water Thunderball follow-on (603 MMbo¹), a combined 1,009 MMbo² of mean prospective resource that could be targeted in a single exploration campaign
• Jamaica-based logistics model identified: combines local port infrastructure and services with specialist regional offshore services
• Long-lead requirements outlined: identifies critical equipment, sourcing options and procurement timelines

Brian Larkin, Chief Executive Officer, commented:

“The completion of this study is an important step forward for the Walton-Morant licence. It supports our ongoing farmout process, providing practical insight into rig and equipment availability and critical path items required to access the greater than 1 billion barrel mean prospective resources contained within Colibri and Thunderball, representing two targets within our portfolio of 40 leads and prospects containing over 7.2 billion barrels3 of prospective resources.

The Study has identified a substantial pool of rig candidates relevant to our potential drilling window, assessed key long lead items and outlined a Jamaica based logistics solution for potential future operations.

This gives prospective farm-in partners immediate, practical and usable information on the potential delivery of a future exploration campaign on the Walton-Morant licence.

With this work now complete, our immediate focus remains on concluding the farm-out process.”

Rig Market and Campaign Flexibility

The Study assessed the relevant offshore drilling market across established international drilling contractors and high-graded a double-digit pool of rig candidates for potential alignment with the potential drilling window. The breadth of the identified rig pool provides flexibility around future rig selection and campaign planning, and positions United and future partners to respond to rig opportunities as they become available from regional drilling programmes.

The assessment covers Colibri, in approximately 750 metres water depth, and Thunderball, a potential follow-on well in approximately 1,900 metres water depth. Colibri has mean prospective resources of 406 MMbo1, while Thunderball has mean prospective resources of 603 MMbo1 and forms part of a wider series of large, tilted fault-block structures in the Morant Basin.

Jamaica and Regional Logistics

The Study identifies a Jamaica-based logistics model combining existing port and commercial infrastructure with specialist offshore services and equipment sourced from established regional hubs. Existing Jamaican capabilities identified include port and project cargo operations, storage and laydown, heavy lifting, marine fuel supply, customs and freight forwarding. These can be complemented by specialist offshore services sourced from established regional centres.

Long-Lead Equipment

The Study has outlined the principal long-lead requirements for future drilling. Direct supplier engagement has clarified equipment availability, sourcing options and procurement timelines, enabling United and future partners to align procurement with target drilling windows.

This Study is a forward-planning and market assessment review and does not constitute a commitment, at this time, by United to drill a well. Any potential future drilling programme would be subject to, amongst other matters, the receipt of all necessary regulatory approvals from the Government of Jamaica and execution of commercial agreements.

Appendix

Colibri Prospect:

Source: UOG Interpretation of Walton Morant Seismic data

Thunderball Lead:

Source: UOG Interpretation of Walton Morant Seismic data

Table 1: Over 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.

Name	Assignation	Location	Mean/Mid Prospective Resources (MMBo / MMboe)
Lead 11F	Lead	Walton Basin	1126
Zumbador	Lead	Morant Basin	925
Thunderball	Lead	Morant Basin	603
Colibri	Prospect	Walton Basin	406
Lead D	Lead	Walton Basin	382
Moonraker	Lead	Morant Basin	323
Cascade Central	Lead	Pedro Bank	275
Streamertail	Prospect	Walton Basin	221
Oriole	Prospect	Walton Basin	220
Boag	Lead	Walton Bank	219
Lead 6I	Lead	Walton Bank	205
Goldeneye	Lead	Morant Basin	174
Moneypenny	Lead	Morant Basin	173
Blofeld	Lead	Morant Basin	171
Earspot	Lead	Walton Bank	145
Squire	Lead	Walton Basin	139
Lead 12M	Lead	Walton Basin	133
Lead 6H	Lead	Walton Bank	120
Lead 12V	Lead	Walton Basin	111
Cascade South	Lead	Pedro Bank	101
Lead6Q	Lead	Walton Bank	101
Cascade East	Lead	Pedro Bank	86
Rumpspot	Lead	Walton Bank	85
Lead 7P	Lead	Walton Bank	76
Lead 7N	Lead	Walton Bank	70
Lead 10K	Lead	Walton Basin	70
Lead 12L	Lead	Walton Basin	70
Lead 7T	Lead	Walton Bank	60
Bluefields	Lead	Walton Bank	57
Tody	Prospect	Walton Bank	53
Mango	Lead	Walton Basin	53
Guani	Lead	Walton Bank	53
Lead 12U	Lead	Walton Basin	41
Jaws	Lead	Morant Basin	39
Euphonia	Prospect	Walton Bank	38
Lead 6G	Lead	Walton Bank	38
Booby	Lead	Walton Basin	34
Lead 10B	Lead	Walton Basin	32
Lead 7R	Lead	Walton Bank	28
Lead 7S	Lead	Walton Bank	28
TOTAL			7,2843

END

Glossary

MMBo – Million Barrels of Oil

MMBoe – Million Barrels of Oil Equivalent

Footnotes

¹ Gross Unrisked Mean Prospective Resources per GaffneyCline Report, 2020

² UOG's Arithmetic sum of the GaffneyClines' Gross Unrisked Mean Case Prospective Resources for Colibri (406 MMbo) and Thunderball (603 MMbo)

3 Over 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

**ENDS**

Enquiries
United Oil & Gas Plc (Company)
Investor Relations		[e-mail]
Beaumont Cornish Limited (Nominated Adviser)
Roland Cornish | Felicity Geidt | Asia Szusciak		[phone]
Tennyson Securities (Joint Broker)
Peter Krens		[phone]
Shard Capital Limited (Joint Broker) Damon Heath | Isabella Pierre		[phone]

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.

Distribution: This announcement has been notified via a Regulatory Information Service and it is not authorised for distribution into North America or any other jurisdiction where to do so would constitute a violation of the relevant laws or regulations of that jurisdiction.

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

 

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