United Oil And Gas Announces £500,000 Capital Raise

United Oil & Gas has secured £500,000 in gross proceeds through a strategic share placing to support its ongoing operations and asset development. The AIM-listed firm intends to use the net proceeds to strengthen its working capital position as it advances the farm-out process for its Walton-Morant Licence in Jamaica. This funding move is critical for the company as it transitions from completed technical evaluations to active commercial negotiations in the exploration sector.

United Oil & Gas announced the placing of 250,000,000 new ordinary shares at a price of 0.20p per share, raising £500,000 before expenses. Arranged by Tennyson Securities, the placement was supported by two long-term institutional shareholders who have a deep understanding of the company’s asset portfolio. The issue price represents a modest discount to the closing mid-market price of 0.23p recorded on July 2, 2026, the day prior to the announcement.

In addition to the new shares, each placee will receive one warrant for every three placing shares subscribed. These warrants are exercisable at a price of 0.28p per share and remain valid for a period of six months from the date of issue. This structure provides the participating investors with potential further upside while offering the company a path to additional capital should the warrants be exercised in the near term.

The primary objective of the capital raise is to provide the financial stability required to progress the farm-out of the Walton-Morant Licence in Jamaica, which the company describes as a high-impact exploration asset. With technical work on the license now complete, the farm-out process is currently active and progressing. United Oil & Gas also maintains development assets in the United Kingdom, and the strengthened balance sheet is intended to support the company through this pivotal commercial phase.

Management noted that securing additional working capital under current favorable market conditions is a prudent step for both the company and its shareholders. By reinforcing its cash position, United Oil & Gas aims to maintain its focus on securing a partner for its Jamaican exploration efforts. The company has committed to providing further updates to the market as the farm-out process and other corporate developments continue to evolve.