Business
£500,000 Capital Raise and TVR
United Oil & Gas PLC announced a £500,000 capital raise through a placing of 250,000,000 new ordinary shares at 0.20p per share, representing a slight discount to the previous day's closing price. The net proceeds will bolster working capital for the farm-out of the Walton-Morant Licence, with placees receiving one warrant for every three shares subscribed, exercisable at 0.28p. Following admission on or around July 9, 2026, the company's enlarged issued share capital will be 4,636,021,868 ordinary shares. Disclaimer*
About this update from United Oil & Gas Plc
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION (EU) 596/2014 AS IT FORMS PART OF DOMESTIC LAW IN THE UNITED KINGDOM BY VIRTUE OF THE EU (WITHDRAWAL) ACT 2018 ("MAR"). IN ADDITION, MARKET SOUNDINGS (AS DEFINED IN MAR) WERE TAKEN IN RESPECT OF THE PLACING WITH THE RESULT THAT CERTAIN PERSONS BECAME AWARE OF INSIDE INFORMATION (AS DEFINED IN MAR), AS PERMITTED BY MAR. THIS INSIDE INFORMATION IS SET OUT IN THIS ANNOUNCEMENT. THEREFORE, THOSE PERSONS THAT RECEIVED INSIDE INFORMATION IN A MARKET SOUNDING ARE NO LONGER IN POSSESSION OF SUCH INSIDE INFORMATION RELATING TO THE COMPANY AND ITS SECURITIES. United Oil & Gas PLC / Index: AIM / Epic: UOG / Sector: Oil & Gas 3rd July 2026 United Oil and Gas plc ("United" or "the Company") £500,000 Capital Raise 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 a placing of 250,000,000 new ordinary shares of 0.001p each (the "Placing Shares") at a price of 0.20p per share ("Issue Price"), raising gross proceeds of £500,000 before expenses, by two long term institutional shareholders (the "Placing") arranged by Tennyson Securities. The Issue Price represents a modest discount to the closing mid-market price of 0.23p on 2 July 2026 being the last day prior to the publication of this announcement. Net proceeds will be applied to strengthen the Company's working capital position as it continues to advance the farm-out of the Walton-Morant Licence. Each placee will receive one warrant for every three Placing Shares subscribed, exercisable at 0.28p per share for 6 months from the date of issue. Brian Larkin, CEO, commented: "This Placing, by existing two long term institutional shareholders who know this Company and its assets well, strengthens our working capital at a point when the technical work is complete and the farm-out process is active and progressing. Securing additional working capital under current more favourable market conditions is in our view the prudent course, both for the Company and for shareholders. We remain focused on progressing the farm-out and will update the market as and when appropriate." Settlement and Admission Application will be made to the Londo...
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