United Oil & Gas PLC

Latest Results (19.01.2026):

United Oil & Gas PLC — full-year 2024 (year ended 31 December 2024 / Q4 2024): the Group reported a loss from operations of $2.4m for 2024 (2023: loss $20.4m), with no revenue for the year as the company exited producing Egyptian assets and refocused on exploration and appraisal. Administrative costs from continuing operations were $1.9m (2023: $3.7m), net cash used in continuing operations was $0.11m (2023: $10.1m), and intangible assets increased to $7.4m. The Board reports reduced cost base, completed equity placings during and shortly after the year, licence extensions in Jamaica and the UK, and a directors’ view that, despite material uncertainties, the Group can continue as a going concern on the assumptions disclosed.

Key headline numbers

Loss for the year (FY2024): $2.4m (FY2023: $20.4m). No revenue reported in 2024. Administrative expenses (continuing ops): $1.9m (2023: $3.7m). Foreign exchange losses: $0.5m (2023: $1.2m). Depreciation from continuing operations: $79k (2023: $98k).

Cashflow and financing

Net cash used in continuing operations: $0.11m (2023: $10.1m). Equity fundraising: £1.0m placed in March 2024 (gross) and a further £0.7m launched in Dec 2024 and completed via EGM approvals in Jan 2025 (plus subsequent small raises and warrant exercises noted post year-end). Receipts from Egyptian receivables: ~US$1.0m in April 2024 and US$591,595 in December 2024.

Balance sheet and assets

Intangible assets rose to $7.4m (2023: $6.1m) with $1.3m additions in the year (c.$1.2m in Jamaica). The Group shows a current net liability at 31 December 2024 and has no operating revenue streams following the Egyptian exit. The company continues to prioritise capital discipline and preservation of cash.

Operational and licence developments

Egypt: exited Abu Sennan concession (default notice Jan 2024; settlement Oct 2024; formal withdrawal approvals received March 2025). Jamaica: Walton Morant licence extended (now to Jan 2028) and farm‑out campaign ongoing; United cites ~7 billion barrels unrisked mean prospective resources (United’s arithmetic). UK: Waddock Cross (onshore) redevelopment advanced, licence extensions received and reservoir modelling indicates ~57 mmbbls Initial in Place with potential for a short horizontal well targeting 500–800 bopd.

Going concern and outlook

Directors note a material uncertainty but believe the Group can continue for at least 12 months under their base case and a Reasonable Worst Case that assumes equity raises, farmout progress and warrant exercises. Key near-term value drivers highlighted: successful Jamaica farm-out, progress on Waddock Cross permitting/drilling planning and further cost control.