United Oil & Gas (LSE:UOG) has completed a £500,000 share placing through the issue of 250 million new ordinary shares at 0.20p each, representing a modest discount to the previous closing price. The fundraising was supported by two long-standing institutional investors and will provide additional working capital as the company progresses the farm-out process for its Walton-Morant exploration licence in Jamaica. Following the placing, the company’s issued share capital will increase to approximately 4.64 billion shares.
The new shares are expected to be admitted to trading on AIM on or around 9 July 2026, after which the enlarged share capital will become the new basis for shareholder disclosure obligations under UK transparency rules. The fundraising also includes warrants issued to participating investors, exercisable at 0.28p for a period of six months. Management said the transaction strengthens the company’s financial position while demonstrating continued institutional support for its exploration strategy and future funding requirements.
United Oil & Gas’s outlook remains constrained by weak financial performance, with no revenue, ongoing losses and renewed cash outflows during 2025. Technical indicators also remain negative, with the shares trading below key moving averages and exhibiting bearish momentum. Valuation offers little support given the company’s negative earnings and the absence of a dividend.
More about United Oil & Gas Plc
United Oil & Gas Plc is a London-listed oil and gas exploration and development company with a portfolio centred on a producing asset in the UK and the high-impact Walton-Morant exploration licence offshore Jamaica. Led by an experienced management team, the company aims to create value through portfolio optimisation, partnerships with established industry participants and selective acquisition opportunities.
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