United Oil & Gas Reports Jamaica Exploration Progress and Raises Additional Funding

United Oil & Gas (LSE:UOG) reported progress on its Walton-Morant exploration licence in Jamaica alongside additional funding and operational appointments in its unaudited results for the first half of 2026.

The company completed a seabed geochemical exploration survey during the period, with sample analysis contributing to its subsurface evaluation of the licence. United said the work is supporting its ongoing farm-out process for Walton-Morant.

The company estimates that the licence contains approximately 7 billion barrels of prospective resources.

Funding Takes Cash Above $1.1 Million

During the first half, United raised approximately £486,000 through the exercise of warrants.

Following the end of the reporting period, the company secured a further £500,000 from institutional investors. United said the additional funding took its cash position above $1.1 million.

The company is continuing to prioritise the farm-out process for the Jamaica licence as it evaluates options for advancing the asset.

United Appoints COO and Begins Jamaica Rig Study

United appointed Donal Meehan as chief operating officer and engaged NRG Well Management to carry out a rig and long-lead availability study relating to the Colibri and Thunderball prospects.

According to the company, the two prospects contain more than 1 billion barrels of combined gross unrisked mean prospective resources.

The study is intended to provide information on rig availability, long-lead items and current commercial terms as United assesses preparations for a potential future drilling programme offshore Jamaica.

Any future drilling programme remains subject to regulatory approvals.

Jamaica Farm-Out Remains Immediate Priority

Management identified the Jamaica farm-out as the company’s immediate priority.

United described a successful farm-out as potentially transformational for shareholders. The company is seeking to progress the Walton-Morant licence while developing its technical and operational preparations for potential future exploration activity.

About United Oil & Gas

United Oil & Gas is a UK-listed independent oil and gas company with a development asset in the UK and an offshore exploration licence in Jamaica. Its strategy includes portfolio development and selective acquisitions.