Half-year Financial Report

United Oil & Gas PLC

28 September 2026

 

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

28 September 2026

United Oil & Gas plc

(“United” or “the Company”)

Results for Half Year ending 30 June 2026

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 2026.

Brian Larkin, United Chief Executive Officer commented:

Following the outbreak of conflict earlier in the year, the first half of 2026 has been shaped by continued and severe disruption to the Strait of Hormuz. This disruption continues to affect a substantial proportion of global seaborne oil and LNG supply, keeping energy markets tight and reinforcing, more than ever, the importance of security of supply and geographical diversification of future energy resources. Against this backdrop, companies are increasingly looking beyond the Gulf region for resource opportunities, with a growing focus on stable jurisdictions offering clear regulatory frameworks and direct access to major markets - of which Jamaica is a compelling example.

Against this backdrop, United has continued to build both the technical foundation and the operational capability required to advance the Walton-Morant Licence toward a successful farm-out.

The Seabed Geochemical Exploration ("SGE") survey, including the piston coring, commenced in January 2026 and was successfully completed in February 2026, with no environmental incidents. Subsequent analysis of the samples provided important results, enhancing our understanding of the licence and providing a valuable input as we progress our subsurface evaluation. These results are supporting our ongoing farm-out process as we work to advance this world class licence which contains approximately 7 billion¹ barrels of prospective resources.

By the expiry date of 24 April 2026, approximately 95% of the outstanding £0.0015 warrants carried into 2026 had been exercised, generating proceeds of approximately £474,000. The £0.0028 warrants with 24 April 2026 expiry generated proceeds of approximately £11,667 giving total proceeds raised of £485,667.

Post period events

United has continued to strengthen both its balance sheet and its operational readiness since the period end.

In early July 2026, £500k raised from two institutional investors took our cash position to over $1.1m and strengthens our balance sheet.

In September 2026, Donal Meehan was appointed Chief Operating Officer, further strengthening the management team at an important time as United drives to conclude the Jamaican farm-out. Donal's understanding of the Walton-Morant opportunity, together with his experience across deepwater exploration and commercial negotiations, will be important as we position the Company for the next phase of growth.

Also in September 2026, United appointed NRG Well Management ("NRG") to undertake a drilling rig and long-lead availability study, advancing operational planning for a potential future exploration drilling programme on the Company's Walton-Morant Licence, offshore Jamaica, which contains over 7 billion¹ barrels of prospective resource potential.

The study will support our farm-out process, advance our drill readiness and is focused primarily on the Colibri prospect, which has mean prospective resources of 406 million barrels of oil, together with the Thunderball lead, which has mean prospective resources of 603 million barrels of oil. Combined, Colibri and Thunderball contain over 1 billion barrels2 of gross unrisked mean prospective resources.

Any future drilling programme would be subject to, amongst other matters, the receipt of all necessary approvals and consents from the Government of Jamaica and execution of commercial agreements. The Company expects the study to be completed in the coming weeks and will update the market on its findings in due course.

Taken together, these appointments strengthen both the operational and commercial capability required to conclude the farm-out on the Walton-Morant Licence.

Outlook

"We enter the second half of the year with real momentum, having strengthened our management team with the appointment of a Chief Operating Officer and advanced our operational readiness through the NRG rig study.

Our immediate priority remains the Jamaica farm-out. We continue to engage with several parties and are focused on concluding a transaction capable of advancing the Walton-Morant Licence towards its next stage of development. A successful farm-out will be a transformational outcome for United and its shareholders.

Alongside this process, our appointment of NRG Well Management to assess rig availability and long lead items is an important step in our forward planning for Jamaica, strengthening our ability to make informed decisions for the potential of a future drilling programme. It will provide a current, market-based view of rig availability, commercial conditions and the long-lead items required to drill Colibri and potentially Thunderball.

With over 7 billion¹ barrels of prospective resource potential identified across the Walton-Morant Licence, of which over 1 billion barrels2 of gross unrisked mean prospective resources is identified at Colibri and Thunderball, we remain firmly focused on concluding the farm-out.”

¹ (Based on United’s internal figures – not independently verified)

² Gross Unrisked Mean Prospective Resources per GaffneyCline Report, 2020

END

Enquiries
United Oil & Gas Plc (Company)
Investors		[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.

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 

CONSOLIDATED INCOME STATEMENT

Period ended 30 June 2026

		Note	Period ended 30 June 2026		Period ended 30 June 2025		Year ended 31 December 2025
			Unaudited		Unaudited		Audited
			$		$		$
Continuing operations:
Revenue			-		-		-
Cost of sales			-		-		-
Gross profit			-		-		-
Administrative expenses:
Other administrative expenses			(809,848)		(568,642)		(1,174,704)
Exploration and New Venture write offs			-		-		(228,546)
Foreign exchange gains / (losses)			(21,727)		121,061		45,884
Operating loss			(831,575)		(447,581)		(1,357,366)
Finance expense			20,711		(13,599)		(19,107)
Loss before taxation			(810,864)		(461,180)		(1,376,473)
Taxation			-		-		-
Loss for the period from continuing operations			(810,864)		(461,180)		(1,376,473)
Discontinued operations			10,000		122,641		124,302
Loss for the financial period attributable to the Company’s equity shareholders			(800,864)		(338,539)		(1,252,171)
Loss per share from continuing operations expressed in cents per share:
Basic		3	(0.02)		(0.02)		(0.06)
Diluted		3	(0.02)		(0.02)		(0.06)
Total loss per share expressed in cents per share:
Basic		3	(0.02)		(0.02)		(0.05)
Diluted		3	(0.02)		(0.02)		(0.05)

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

				Period ended 30 June 2026		Period ended 30 June 2025		Year ended 31 December 2025
				Unaudited		Unaudited		Audited
				$		$		$
Loss for the financial period				(800,864)		(338,539)		(1,252,171)
Foreign exchange difference				12,517		(144,771)		(94,726)
Loss for the financial period attributable to the Company’s equity shareholders				(788,347)		(483,310)		(1,346,897)

CONSOLIDATED BALANCE SHEET

On 30 JUNE 2026

	Note		30 June 2026		30 June 2025		December 2025
			Unaudited		Unaudited		Audited
			$		$		$
NON-CURRENT ASSETS
Intangible assets			10,192,165		7,780,463		8,897,500
Property, plant and equipment			3,957		976		2,786
			10,196,122		7,781,439		8,900,286
CURRENT ASSETS
Trade and other receivables			69,662		85,226		105,322
Cash and cash equivalents			494,482		209,213		1,674,924
			564,144		294,439		1,780,246
CURRENT LIABILITIES
Trade and other payables			(1,112,382)		(1,409,957)		(1,133,832)
Borrowings			-		(189,356)		-
			(1,112,382)		(1,599,313)		(1,133,832)
NET CURRENT LIABILITIES			(548,238)		(1,304,874)		646,414
NON-CURRENT LIABILITIES
Decommissioning Provisions			(260,597)		(292,629)		(276,657)
NET ASSETS			9,387,287		6,183,936		9,270,043
CAPITAL AND RESERVES ATTRIBUTABLE TO EQUITY
HOLDERS OF THE COMPANY    Share capital	4		8,888,622		8,857,568		8,884,315
Share premium	4		23,440,492		19,013,115		22,791,839
Share-based payment reserve			2,594,221		2,259,959		2,341,590
Merger reserve			(2,697,357)		(2,697,357)		(2,697,357)
Translation reserve			(1,114,483)		(1,177,045)		(1,127,000)
Retained earnings			(21,724,208)		(20,072,304)		(20,923,344)
TOTAL EQUITY			9,387,287		6,183,936		9,270,043

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

Period ended 30 June 2026

	Share capital	Share premium	Share- based payment reserve	Retained earnings	Translation reserve	Merger reserve	Total equity
	$	$	$	$	$	$	$
For the period ended 30 June 2026
Balance at 1 January 2026	8,884,315	22,791,839	2,341,590	(20,923,344)	(1,127,000)	(2,697,357)	9,270,043
Loss for the period	-	-	-	(800,864)	-	-	(800,864)
Foreign exchange difference	-	-	-	-	12,517	-	12,517
Total comprehensive income for the period	-	-	-	(800,864)	12,517	-	(788,347)
Contributions by and distributions to owners:
Share based payments	-	-	252,631	-	-	-	252,631
Shares issued	4,307	648,653	-	-	-	-	652,960
Total contributions by and distributions to owners	4,307	648,653	252,631	-	-	-	905,591
Balance at 30 June 2026 (Unaudited)	8,888,622	23,440,492	2,594,221	(21,724,208)	(1,114,483)	(2,697,357)	9,387,287
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 31 December 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	-	-	-	(1,252,171)	-	-	(1,252,171)
Foreign exchange difference	-	-	-	-	(94,726)	-	(94,726)
Total comprehensive income for the year	-	-	-	(1,252,171)	(94,726)	-	(1,346,897)
Contributions by and distributions to owners:
Share-based payments	-	-	102,128	-	-	-	102,128
Expired warrants	-	-	(62,592)	62,592	-	-	-
Shares issued	33,410	4,872,574	-	-	-	-	4,905,984
Share issue expenses	-	(520,828)	175,302	-	-	-	(345,526)
Total contributions by and distributions to owners	33,410	4,351,746	214,838	62,592	-	-	4,662,586
Balance at 31 December 2025 (Audited)	8,884,315	22,791,839	2,341,590	(20,923,344)	(1,127,000)	(2,697,357)	9,270,043

CONSOLIDATED STATEMENT OF CASHFLOWS

Period ended 30 June 2026

		Period ended 30 June 2026		Period ended 30 June 2025		Year ended 31 December 2025
		Unaudited		Unaudited		Audited
		$		$		$
Cash flows from operating activities
Loss before taxation		(800,864)		(338,539)		(1,252,171)
Adjustments for:
Share-based payments		252,631		15,397		102,128
Depreciation & amortisation		671		-		2,099
Interest expense		(20,711)		13,599		19,107
Foreign exchange movements		21,726		(121,062)		(45,536)
		(546,547)		(430,605)		(1,174,373)
Decrease / (Increase) in trade and other receivables		35,660		(17,498)		(37,594)
Decrease in trade and other payables		(16,799)		(424,219)		(721,822)
Net cash used in from operating activities		(527,686)		(872,322)		(1,933,789)
Cash flows from investing activities
Purchase of property, plant & equipment		(1,911)		-		(2,782)
Spend on exploration activities		(1,308,414)		(304,362)		(1,432,999)
Net cash used in investing activities		(1,310,325)		(304,362)		(1,435,781)
Cash flows from financing activities
Issue of ordinary shares (net of expenses)		652,959		697,495		4,560,458
Repayments on swap financing arrangement		-		-		(189,356)
Net cash generated by financing activities		652,959		697,495		4,371,102
(Decrease) / increase in cash and cash equivalents		(1,185,052)		(479,189)		1,001,532
Cash and cash equivalents at beginning of period / year		1,674,923		775,288		775,288
Effects of exchange rate changes		4,611		(86,886)		(101,896)
Cash and cash equivalents at end of period / year		494,482		209,213		1,674,924

Notes to the financial information

Period ended 30 June 2026

1. GENERAL

The interim financial information for the period to 30 June 2026 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 2025, which complied with UK-adopted international accounting standards.

The financial information has been prepared on the basis of IFRS that the Directors expect to be applicable as at 31 December 2026.

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 consolidated interim financial statements for the period 1 January 2026 to 30 June 2026 are unaudited. The group has chosen not to adopt IAS 34 “Interim Financial Statements” in preparing the interim financial information. The condensed consolidated interim financial statements incorporate unaudited comparative figures for the interim period from 1 January 2025 to 30 June 2025 and the audited financial year ended 31 December 2025.

The financial information set out in this interim report does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The Group’s statutory accounts for the year ended 31 December 2025, which were prepared under UK-adopted international financial accounting standards, were filed with the Registrar of Companies. The auditors reported on these accounts and their report was unqualified and did not contain a statement under either Section 498 (2) or Section 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 (including the £500,000 raised in July 2026), ending 30 September 2027, 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 2025. After making enquiries and considering the uncertainties described below, 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 2026 interim financial statements.

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 January 2028, and the exercise of warrants in October 2026.

The company currently has no revenue and is operating at an annual loss and shows a current net liability as at 30 June 2026. 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:

a. No Jamaican farmout within 12 months

b. Different quantities of warrants exercised upon expiry in October 2026

c. No further warrants exercised

d. 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 potential reductions to the cost base, 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, in particular a Jamaican farmout or additional equity funding which cannot be guaranteed 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 2026 interim financial statements.

On that basis, the Directors consider it appropriate to prepare the financial statements on a going concern basis. These financial statements do not include any adjustment that would result from the going concern basis of preparation as not appropriate to use.

Risks and uncertainties

The Board continuously assesses and monitors the key risks of the business. The key risks that could affect the Group’s medium-term performance and the factors that mitigate those risks have not substantially changed from those set out in the Group’s statutory accounts for the year ended 31 December 2025, a copy of which is available on the Company’s website: https://metalsexploration.com/.

Critical accounting estimates

The preparation of condensed consolidated interim financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the end of the reporting period. Significant items subject to such estimates are set out in Note 2 of the Group’s statutory accounts for the year ended 31 December 2025. The nature and amounts of such estimates have not changed significantly during the interim period.

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 2026		Period ended 30 June 2025		Year ended 31 December 2025
Loss for the period used in calculating total earnings per share ($)	(800,864)		(338,539)		(1,252,171)
Loss for the period used in calculation of earnings per share from continuing operations	(810,864)		(461,180)		(1,376,473)
Weighted average number of ordinary shares for the purposes of basic & diluted earnings per share (number)	4,190,696,822		1,916,179,015		2,354,116,228
Basic and diluted (loss) per share from continuing operations (cents per share)	(0.02)		(0.02)		(0.06)
Basic and diluted (loss) per share from continuing and discontinued operations	(0.02)		(0.02)		(0.05)

4. SHARE CAPITAL & SHARE PREMIUM

Allotted, issued, and fully paid:

			30 June 2026
			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		4,065,855,202	53,475	6,009,815
Issue of ordinary shares net of transaction costs		320,166,666	4,307	648,653
Total at 30 June 2026:
Deferred A shares of £0.00999 each		656,353,969	8,830,840	16,782,024
Ordinary shares of £0.00001 each		4,386,021,868	57,782	6,658,468
			8,888,622	23,440,492

			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
			8,857,568	19,013,115

			31 December 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		2,524,501,233	33,410	3,485,058
Total at 31 December 2025:
Deferred A shares of £0.00999 each		656,353,969	8,830,840	16,782,024
Ordinary shares of £0.00001 each		4,065,855,202	53,475	6,009,815
			8,884,315	22,791,839

As at 26 April 2026, a total of 320,166,666 warrants issued pursuant to previous placings had been exercised, raising a total of £485,666.67.

Of these, 316,000,000 warrants issued as part of the January 2025 placing were exercised at £0.0015 per warrant, raising £474,000.

A further 4,166,666 warrants issued as part of the March 2024 placing were exercised at £0.0028 per warrant, raising £11,666.67.

5. EVENTS AFTER THE BALANCE SHEET DATE

The Parent announced an equity raise of £500,000 gross on the 3rd of July 2026.

 

END