29 sep 25   united oil & gas plc - results for half year ending 30 june 2025 united oil & gas plc | uog | 0.2 0.00 (-2.9%) | mkt cap: 4.15m    rns number : 1015b united oil & gas plc 29 september 2025   united oil & gas plc / index: aim / epic: uog / sector: oil & gas   29 september 2025 united oil & gas plc ("united" or "the company") results for half year ending 30 june 2025   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 its unaudited results for the period ending 30 june 2025.   brian larkin, united chief executive officer commented:   the first half of 2025 has been about strengthening the foundations for value creation at walton morant. in march, the early two-year licence extension to january 2028 was a critical milestone, giving us the certainty and running room needed to drive farm-out discussions forward. for shareholders, it provides a clear pathway for value to be unlocked across one of the few billion-barrel frontier opportunities still available globally.   the walton morant licence is exceptional in scale and quality and spans 22,400 km² with over 40 identified leads and prospects and unrisked potential of c. 7 billion¹ barrels. eleven prospects already independently certified hold 2.4 billion barrels. combined with highly competitive fiscal terms, strong government support, and breakeven metrics around $25/bbl² in a success case, these attributes make walton morant a standout frontier opportunity. this is reflected in renewed sentiment across the sector and, importantly, in the engagement of potential farmin partners, who continue to review and evaluate the licence under nda, a clear sign of momentum in the farmout process.   alongside this, we have made tangible progress on permitting. post period end, during q3, we received both the environmental permit and the beach licence which were approved by the national environmental and planning agency ("nepa") marking key steps in operational readiness. on the corporate side, during january we completed the equity placing announced in december 2024, receiving the final tranche of £315,000 and issued 350,000,000 warrants at £0.0015 expiring 31 december 2025. in may we raised further funds totalling £140,000 at market with an existing shareholder and subsequent to this between may and june, shareholders exercised a total of 48 million warrants raising £55,500. we also extended the £0.0028 warrants due to expire on 30 june 2025 until 31 december 2025. post period end, a further 5 million £0.0015 warrants were exercised, and we successfully raised gross funds of £800,000 at £0.0018, which was approved at the agm on 25 july. this placing was oversubscribed and shows the strength of support from our shareholders which we greatly appreciate.   post-period end, the recent findings of the independent risking study were highly encouraging, confirming that a positive survey result in the walton and morant basins could significantly derisk the offshore petroleum system already proven onshore. importantly, the study highlighted substantial uplifts in drilling success probabilities:   •             colibri: improved from 1-in-5 (19% gca) to 1-in-3 (32%) •             oriole: improved from 1-in-8 (13% gca) to 1-in-5 (21%)   these positive results reflect the broader potential across the walton morant licence if piston coring confirms a mature source rock and the presence of migrated hydrocarbons.   overall, the first half of 2025 has been highly progressive, with notable momentum clearly building on the jamaican licence. the walton morant risking report will add significant value to our farmout efforts while permitting milestones demonstrate operational readiness. as we move into the latter part of the year, our focus remains on advancing work programmes across jamaica and continuing to make steady progress on farmout discussions.   outlook   "we enter the second half of the year with real momentum. our priority is to secure a  farm-out partner for jamaica while continuing to advance planning and permitting so the licence is ready for operations. the new risking report underlines the scale of the opportunity and shows how further technical work can materially de-risk the basin. with potential partners reviewing the licence data under nda and discussions ongoing, we are confident that walton morant is positioned to deliver transformational value for our shareholders."     **end**   this announcement contains inside information for the purposes of article 7 of regulation 2014/596/eu which is part of domestic uk law pursuant to the market abuse (amendment) (eu exit) regulations (si 2019/310).   ¹ 7 billion bbls is uog's arithmetic sum of the unrisked mean/mid-case prospective resources for each prospect/lead identified within the walton morant licence boundary by uog and previous operators ² based on uog's internal estimates     enquiries   united oil & gas plc (company)   brian larkin, ceo  brian.larkin@uogplc.com    beaumont cornish limited (nominated adviser)   roland cornish | felicity geidt | asia szusciak  +44 (0) 20 7628 3396   tennyson securities (joint broker)   peter krens  +44 (0) 20 7186 9030   optiva securities limited (joint broker)   christian dennis  +44 (0) 20 3137 1902     shard capital limited (joint broker) damon heath | isabella pierre    +44 (0) 207 186 9900    beaumont cornish limited ("beaumont cornish") is the company's nominated adviser and is authorised and regulated by the fca. beaumont cornish's responsibilities as the company's nominated adviser, including a responsibility to advise and guide the company on its responsibilities under the aim rules for companies and aim rules for nominated advisers, are owed solely to the london stock exchange. beaumont cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of beaumont cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.     notes to editors united oil & gas is an oil and gas company with a development asset in the uk and a high impact exploration licence in jamaica. the business is led by an experienced management team with a strong track record of growing full cycle businesses, partnered with established industry players and is well positioned to deliver future growth through portfolio optimisation and targeted acquisitions. united oil & gas is listed on the aim market of the london stock exchange. for further information on united oil and gas please visit www.uogplc.com        consolidated income statement period ended 30 june 2025                                                                                                                                                                                                  note  period ended 30 june 2025   period ended 30 june 2024   year ended 31 december 2024    unaudited  unaudited  audited    $  $  $ continuing operations:        revenue   -  -  - cost of sales     -  -  -   gross profit   -  -  - administrative expenses:        other administrative expenses   (568,642)  (641,849)  (963,968) exploration and new venture write offs   -  (157,489)  (392,182) foreign exchange gains / (losses)   121,061  (584,191)  (550,531)         operating loss   (447,581)  (1,383,529)  (1,906,681)         finance expense   (13,599)  (2,709)  (15,478) loss before taxation   (461,180)  (1,386,238)  (1,922,159) taxation   -   -   -         loss for the period from continuing operations   (461,180)  (1,386,238)  (1,922,159) discontinued operations  4 122,641  (230,012)  (519,248)         loss for the financial period attributable to the company's equity shareholders   (338,539)  (1,616,250)  (2,441,407)                 loss per share from continuing operations expressed in cents per share:        basic  3 (0.02)  (0.15)  (0.18) diluted  3 (0.02)  (0.15)  (0.18)         total loss per share expressed in cents per share:        basic  3 (0.02)  (0.17)  (0.23) diluted  3 (0.02)  (0.17)  (0.23)         consolidated statement of comprehensive income       period ended 30 june 2025   period ended 30 june 2024   year ended 31 december 2024     unaudited  unaudited  audited     $  $  $          loss for the financial period    (338,539)  (1,616,250)  (2,441,407) foreign exchange difference    (144,771)  (9,549)  (33,636)          loss for the financial period attributable to the company's equity shareholders    (483,310)  (1,625,799)  (2,475,043)                 consolidated balance sheet on 30 june 2025  note   30 june 2025  30 june 2024  31 december 2024    unaudited  unaudited  audited    $  $  $    non-current assets           intangible assets 5  7,780,463  6,776,958  7,413,031    property, plant and equipment   976  38,200  867    7,781,439  6,815,158  7,413,898            current assets           trade and other receivables 6  85,226  888,021  67,728    cash and cash equivalents   209,213  755,247  775,288    294,439  1,643,268  843,016            current liabilities           trade and other payables   (1,409,957)  (1,549,375)  (1,858,271)    borrowings   (189,356)  (189,356)  (189,356)    lease liabilities   -  (43,097)  -    (1,599,313)  (1,781,828)  (2,047,627)            net current liabilities   (1,304,874)  (138,560)  (1,204,611)            non-current liabilities           decommissioning provisions   (292,629)  (252,362)  (254,933)            net assets   6,183,936  6,424,236  5,954,354            capital and reserves attributable to equity           holders of the company    share capital 7  8,857,568  8,846,017  8,850,905    share premium 7  19,013,115  17,885,304  18,440,093    share-based payment reserve   2,259,959  2,676,975  2,126,752    merger reserve   (2,697,357)  (2,697,357)  (2,697,357)    translation reserve   (1,177,045)  (1,008,187)  (1,032,274)    retained earnings   (20,072,304)  (19,278,516)  (19,733,765)            total equity   6,183,936  6,424,236  5,954,354            consolidated statement of changes in equity period ended 30 june 2025     share capital   share premium share- based payment reserve retained earnings translation reserve merger reserve   total equity  $ $ $ $ $ $ $ for the period ended 30 june 2025        balance at 1 january 2025 8,850,905 18,440,093 2,126,752 (19,733,765) (1,032,274) (2,697,357) 5,954,354 loss for the period - - - (338,539) - - (338,539) foreign exchange difference - - - - (144,771) - (144,771) total comprehensive income for the period - - - (338,539) (144,771) - (483,310) contributions by and distributions to owners:        share based payments -  - 15,397 - - - 15,397 shares issued 6,663 690,832 - - - - 697,495 share issue expenses - (117,810) 117,810 - - - - total contributions by and distributions to owners 6,663 573,022 133,207 - - - 712,892 balance at 30 june 2025 (unaudited) 8,857,568 19,013,115 2,259,959 (20,072,304) (1,177,045) (2,697,357) 6,183,936         for the period ended 30 june 2024        balance at 1 january 2024 8,839,679 16,798,823 2,511,686 (17,662,266) (998,638) (2,697,357) 6,791,927 loss for the period - - - (1,616,250) - - (1,616,250) foreign exchange difference - - - - (9,549) - (9,549) total comprehensive income for the period - - - (1,616,250) (9,549) - (1,625,799) contributions by and distributions to owners:        share based payments - - 45,371 - - - 45,371 shares issued 6,338 1,261,222 - - - - 1,267,560 share issue expenses - (174,741) 119,918 - - - (54,823) total contributions by and distributions to owners 6,338 1,086,481 165,289 - - - 1,258,108 balance at 30 june 2024 (unaudited) 8,846,017 17,885,304 2,676,975 (19,278,516) (1,008,187) (2,697,357) 6,424,236         for the period ended 31 december 2024        balance at 1 january 2024 8,839,679 16,798,823 2,511,686 (17,662,266) (998,638) (2,697,357) 6,791,927 loss for the period - - - (2,441,407) - - (2,441,407) foreign exchange difference - - - - (33,636) - (33,636) total comprehensive income for the year - - - (2,441,407) (33,636) - (2,475,043) contributions by and distributions to owners:        shares issued 11,226 1,745,199 - - - - 1,756,425 share issue expenses - (103,929) - - - - (103,929) share-based payments - - 81,090 - - - 81,090 lapsed share-based payments - - (466,024) 369,908 - - (96,116) total contributions by and distributions to owners 11,226 1,641,270 (384,934) 369,908 - - 1,637,470 balance at 31 december 2024 (audited) 8,850,905 18,440,093 2,126,752 (19,733,765) (1,032,274) (2,697,357) 5,954,354                 consolidated statement of cashflows period ended 30 june 2025    period ended 30 june 2025   period ended 30 june 2024   year ended 31 december 2024   unaudited  unaudited  audited   $  $  $ cash flows from operating activities       (loss) / profit before taxation  (338,539)  (1,616,250)  (2,441,407) adjustments for:       share-based payments  15,397  45,371  (15,026) depreciation & amortisation  -  47,268  78,574 interest expense  13,599  2,709  15,478 foreign exchange movements  (121,062)  608,495  581,067          (430,605)  (912,407)  (1,781,314)        (increase) / decrease in trade and other receivables  (17,498)  1,124,238  1,944,531 decrease in trade and other payables  (424,219)  (362,477)  (53,790)        net cash (used in) / generated from operating activities   (872,322)  (150,646)  109,427        cash flows from investing activities       purchase of property, plant & equipment  -  -  - spend on exploration activities  (304,362)  (642,017)  (1,291,111)        net cash used in investing activities  (304,362)  (642,017)  (1,291,111)        cash flows from financing activities       issue of ordinary shares (net of expenses)  697,495  1,212,738  1,652,496 repayments on swap financing arrangement  -  (1,000,000)  (1,000,000) capital payments on lease  -  (52,792)  (86,799) interest paid on lease  -  (2,709)  (3,327)        net cash generated by financing activities  697,495  157,237  562,370        decrease in cash and cash equivalents   (479,189)  (635,426)  (619,314)        cash and cash equivalents at beginning of period / year  775,288  1,992,495  1,992,495 effects of exchange rate changes  (86,886)  (601,822)  (597,893)        cash and cash equivalents at end of period / year  209,213  755,247  775,288      notes to the financial information period ended 30 june 2025   1.     general   the interim financial information for the period to 30 june 2025 is unaudited.                   2.     accounting policies   the interim financial information in this report has been prepared on the basis of the accounting policies set out in the audited financial statements for the period ended 31 december 2024, which complied with international financial reporting standards as adopted for use in the european union ("ifrs").   ifrs is subject to amendment and interpretation by the international accounting standards board ("iasb") and the ifrs interpretations committee and there is an on-going process of review and endorsement by the european commission.   the financial information has been prepared on the basis of ifrs that the directors expect to be applicable as at 31 december 2025.   the directors have adopted the going concern basis in preparing the financial information.  in assessing whether the going concern assumption is appropriate, the directors have taken into account all relevant available information about the foreseeable future.    the condensed financial information for the year ended 31 december 2024 set out in this interim report does not comprise the group's statutory accounts as defined in section 434 of the companies act 2006.   the statutory accounts for the year ended 31 december 2024, which were prepared under ifrs, have been delivered to the registrar of companies. the auditors reported on these accounts; their report was unqualified and did not contain a statement under section 498(2) or 498(3) of the companies act 2006.   foreign currency transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the year-end date. all differences are taken to the income statement.   assets and liabilities of subsidiaries that have a functional currency different from the presentation currency (us dollar), if any, are translated at the closing rate at the date of each balance sheet presented. income and expenses are translated at average exchange rates. all resulting exchange differences are recognised in other comprehensive income (loss), if any.   going concern   the group has prepared a cashflow forecast for the next 12 months, ending 30 september 2026, taking account of the group's business activities, together with the factors likely to affect its future development, performance and position as set out in the chief executive officers statement and the strategy report in the annual report 2024.   monitoring and forecasting activities   united regularly monitors its cash flows, and liquidity through detailed forecasts. these include scenario and sensitivity analyses, which are reviewed by the board and may impact the group's future performance.   a base case scenario has been developed that includes budgeted commitments, a jamaican farmout covering some back costs and all forward current work program costs by end of november 2025, and the exercise of 300 million in december 2025.   the company currently has no revenue and is operating at an annual loss and shows a current net liability as at 30 june 2025. its only funding options are through warrant exercises, a jamaican farmout deal covering back and future work program costs, or equity financing.     key assumptions and sensitivities   the key assumptions and related sensitivities include a "reasonable worst case" ("rwc") sensitivity where the board has considered a scenario with significant aggregated downside, including a delay in the farmout, delay in exercise of warrants and an equity raise.   under the combined rwc, the group forecasts there will be sufficient resources to continue in operational existence for the foreseeable future. the various assumptions considered were:   • no jamaican farmout within 12 months • no warrant exercised • additional equity requirements   despite these risks, the group expects to maintain sufficient resources for ongoing operations. while it is unlikely that all these downside events will occur simultaneously, the group has identified mitigating actions. these include deferring some capital expenditure and some further reduction to the cost base which would reduce costs by 10%, and potentially raising equity, though success would depend on market conditions and cannot be guaranteed.   based on past experience, the directors believe an equity raise is likely to be successful.   according to current forecasts, the group are expected to meet all liabilities as they fall due.   the directors also consider it reasonably likely that a jamaican farmout will be achieved or, if necessary, that additional equity funding can be secured. however, neither outcome is guaranteed.   the directors have considered the various matters set out above and have concluded that a material uncertainty exists that may cast significant doubt on the ability of the group to continue as a going concern and the group may therefore be unable to realise their assets or discharge their liabilities in the normal course of business.   nevertheless, after making enquiries and considering the uncertainties described above, the directors are of the view that the group will have sufficient cash resources available to meet their liabilities and continue in operational existence for at least 12 months from the date of approval of these 2025 interim financial statements.   on that basis, the directors consider it appropriate to prepare the interim financial statements on a going concern basis. these interim financial statements do not include any adjustment that would result from the going concern basis of preparation as not appropriate to use.   exploration and evaluation assets the group accounts for oil and gas expenditure under the full cost method of accounting.   costs (other than payments to acquire the legal right to explore) incurred prior to acquiring the rights to explore are charged directly to the profit and loss account. all costs incurred after the rights to explore an area have been obtained, such as geological, geophysical, data costs and other direct costs of exploration and appraisal are accumulated and capitalised as intangible exploration and evaluation ("e&e") assets.   e&e costs are not amortised prior to the conclusion of appraisal activities. at the completion of appraisal activities if technical feasibility is demonstrated and commercial reserves are discovered, then following development sanction, the carrying value of the relevant e&e asset will be reclassified as a development and production asset within tangible fixed assets.   if after completion of appraisal activities in an area, it is not possible to determine technical feasibility or commercial viability, then the costs of such unsuccessful exploration and evaluation are impaired to the income statement. the costs associated with any wells which are abandoned are fully amortised when the abandonment decision is taken.   classification and measurement of financial liabilities the group's financial liabilities include borrowings, trade and other payables.   financial liabilities are initially measured at fair value, and, where applicable, adjusted for transaction costs unless the group designated a financial liability at fair value through profit or loss.   subsequently, financial liabilities are measured at amortised cost using the effective interest method except for derivatives and financial liabilities designated at fvtpl, which are carried subsequently at fair value with gains or losses recognised in profit or loss.   all interest-related charges and, if applicable, changes in an instrument's fair value that are reported in profit or loss are included within finance costs or fair value gains/(losses) on derivative financial instruments.     3.     earnings per share   basic earnings per share is calculated by dividing the profit attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period.   basic and diluted earnings per share  unaudited  unaudited  audited   period ended 30 june 2025   period ended 30 june 2024   year ended 31 december 2024       loss for the period used in calculating total earnings per share ($) (338,539)  (1,616,250)  (1,922,159) loss for the period used in calculation of earnings per share from continuing operations (461,180)  (1,386,238)  (2,441,407) weighted average number of ordinary shares for the purposes of basic & diluted earnings per share (number) 1,916,179,015  939,321,002  1,063,157,248 basic and diluted (loss) per share from continuing operations (cents per share) (0.02)  (0.15)  (0.18) basic and diluted (loss) per share from continuing and discontinued operations (0.02)  (0.17)  (0.23)           4.     discontinued operations   in november 2023, the group made a decision to discontinue the egypt operations.   the results of the discontinued operations, which have been included in the reported result for the period, were as follows:   unaudited unaudited audited  30 june 2025 30 june 2024 31 december 2024  $ $ $ revenue - - - cost of sales - - - administrative expenses (27,359) (178,528) (269,505) reversal / impairment of exploration & producing assets 150,000 (27,179) (219,209) foreign exchange losses - (24,305) (30,534) interest expense - - - profit / (loss) before tax 122,641 (230,012) (519,248) attributable tax expense - - -     net loss attributable to discontinued operations 122,641 (230,012) (519,248)     the results show the effect of the discontinued operations separately from continuing operations in accordance with ifrs 5.   assets and liabilities of egypt have not been classified as held for sale as at 30 june 2025 or 31 december 2024 due to their immaterial nature and because all short-term assets and liabilities are expected to be either settled or transferred to continuing group operations. these are included in the respective group assets and liabilities and are as follows:   unaudited unaudited audited  30 june 2025 30 june 2024 31 december 2024 assets $ $ $ property, plant and equipment - 6,309 - trade and other receivables 25,785 839,460 25,785 cash 3,500 44,301 28,408 total assets 29,285 890,070 54,193     liabilities    trade and other payables (36,679) - (36,679) lease liability - (8,616) - total liabilities (36,679) (8,616) (36,679)     net (liabilities) / assets (7,394) 881,454 17,514     5.     intangible assets   intangible assets comprise the group's exploration and evaluation projects which are pending determination.   management review the intangible exploration assets for indications of impairment at each balance sheet date based on ifrs 6 criteria. commercial reserves have not yet been established and the evaluation and exploration work is ongoing. the directors do not consider that any indications of impairment have arisen and accordingly the assets continue to be carried at cost.     6.     trade and other receivables   unaudited  unaudited  audited  30 june 2025  30 june 2024  31 december 2024  $  $  $       trade receivables 25,785  839,200  25,785 other tax receivables 45,134  37,612  35,172 other receivables 14,307  11,209  6,771  85,226  888,021  67,728     7.     share capital & share premium   allotted, issued, and fully paid:    30 june 2025    share capital share premium   no $ $ opening balance     deferred a shares of £0.00999 each  656,353,969 8,830,840 16,782,024 ordinary shares of £0.00001 each  1,541,353,969 20,065 1,658,069      issue of ordinary shares net of transaction costs  522,523,810 6,663 573,022      total at 30 june 2025:     deferred a shares of £0.00999 each  656,353,969 8,830,840 16,782,024 ordinary shares of £0.00001 each  2,063,877,779 26,728 2,231,091        2,720,231,748 8,857,568 19,013,115                    30 june 2024    share capital share premium   no $ $ ordinary shares of £0.01 each     opening balance  656,353,969 8,839,679 16,798,823      share split 20 march 2024     deferred a shares of £0.00999  656,353,969 8,830,840 16,782,024 new ordinary shares of £0.0001  656,353,969 8,839 16,799      issue of ordinary shares net of transaction costs  500,000,000 6,338 1,086,480      total at 30 june 2024:     deferred a shares of £0.00999 each  656,353,969 8,830,840 16,782,024 ordinary shares of £0.00001 each  1,156,353,969 15,177 1,103,279        1,812,707,938 8,846,017 17,885,303     31 december 2024    share capital share premium   no $ $ ordinary shares of £0.01 each     opening balance  656,353,969 8,839,679 16,798,823      share split 20 march 2024     deferred a shares of £0.00999 each  656,353,969 8,830,840 16,782,024 new ordinary shares of £0.0001 each  656,353,969 8,839 16,799      allotments:     ordinary shares of £0.00001 each - issued for cash  500,000,000 6,338 1,086,480 share issue expenses  - - (103,929)      total at 31 december 2024:     deferred a shares of £0.00999 each  656,353,969 8,830,840 16,782,024 ordinary shares of £0.00001 each  1,541,353,969 20,065 1,658,069        2,197,707,938 8,850,905 18,440,093   on 8 january 2025, the company completed the final tranche of the placing announced in december 2024, with all resolutions duly passed at the general meeting. a total of 315,000,000 shares were issued at £0.001 per share, raising £315,000 and completing the december 2024 funding.   on 27 january 2025, the company issued 59,523,810 shares to rockhopper at £0.001 per share in settlement of a legacy liability, equivalent to £59,532.81.   in may 2025, the company issued 100,000,000 shares at £0.0014 per share, raising £140,000 from an existing shareholder to support the farm-out in jamaica. this was followed by the exercise of 48,000,000 warrants in may and june, raising a further £55,500.     8.     events after the balance sheet date   on 3 july 2025, the company announced it had raised £800,000 (gross) through a placing and subscription, issuing 444,444,444 new shares at £0.0018 each. as part of the fundraising, one warrant was issued for every two placing shares, exercisable at £0.0028 for one year from date of issue.   on 8 july 2025, the company announced the exercise of 5,000,000 warrants at £0.0015 each, raising £7,500.   this information is provided by rns, the news service of the london stock exchange. rns is approved by the financial conduct authority to act as a primary 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