United Oil & Gas Seeks Capital Partner for Jamaica Licence
- United Oil & Gas (UOG), a UK-based oil and gas exploration company with offshore assets in Jamaica and the United Kingdom, reported a US$1.25Mn net loss for 2025, an improvement from the US$2.44Mn loss recorded in 2024, while year-end cash increased to US$1.7Mn following multiple fundraising rounds.
- Despite the stronger cash position, the company warned of material uncertainty over its ability to continue as a going concern, saying it needs either a farm-out partner for its Walton-Morant offshore licence in Jamaica or additional investor funding to finance future exploration. A farm-out would involve another company taking part ownership of the Walton-Morant licence in return for helping to pay for exploration.
- For United, a farm-out would mean selling a stake in the Walton-Morant licence in exchange for funding and technical expertise. The company requires fresh capital this year to continue advancing its offshore exploration programme in Jamaican waters.
- United has raised capital several times, including a £2.23Mn share placing during 2025 and about £486,000 from post-year-end warrant exercises, but directors acknowledged that further funding is not guaranteed.
- The company continued advancing its Walton-Morant licence, securing a two-year extension to January 2028, along with environmental and beach permits that enabled its offshore geochemical survey. Survey work completed in early 2026 detected C4 and C5 hydrocarbons in selected seabed samples, findings that could indicate a working petroleum system. However, no commercial oil or gas discovery has been made, and the results are being used to support ongoing discussions with potential partners.
- Chief Executive Brian Larkin described 2025 as a landmark year for the company, saying its immediate priority is securing a partner to help fund exploration in Jamaica while continuing work on its smaller UK oil project.
(Sources: Fidelity International and NCBCM Research)