United Oil & Gas reports 2025 results and thermogenic hydrocarbon indicators from Jamaica seabed survey
AI-madeAIM-listed United Oil & Gas has published its audited results for the year ended 31 December 2025, describing the period as foundational for its high-impact exploration license offshore Jamaica and its development asset in the UK.
The announcement, released alongside post-period updates, covers financial performance, regulatory progress, and new geochemical data from a seabed survey completed in early 2026.
The company publishes 2025 audited results
United Oil & Gas reported a net loss after tax of $1.25 million for the year ended 31 December 2025, down significantly from the $2.44 million loss recorded in 2024. Group cash balances rose to $1.7 million at year-end, against $0.8 million the prior year.
The Walton-Morant license was extended by two years to 31 January 2028, removing a near-term expiry risk that had the potential to complicate the farm-out process.
Three fundraising rounds during the year kept the company’s access to capital intact. The largest—an October 2025 placing—raised approximately £2.23 million to support the work program and working capital requirements.
Regulatory milestones cleared the path for Jamaica survey
Before any seabed survey could begin, United Oil & Gas needed both tenure certainty and environmental clearance. The Walton-Morant license was extended by two years to 31 January 2028, removing a near-term expiry risk that had the potential to complicate the farm-out process.
Jamaica’s National Environment and Planning Agency granted an environmental permit in July 2025. A beach license followed in September, completing the regulatory pathway for the seabed geochemical program. With those approvals in hand, the company contracted TDI Brooks International in November 2025 to deliver the survey, which included a piston core component.
Seabed survey detects higher-order hydrocarbons offshore Jamaica
The SGE survey was completed safely and on schedule by the end of February 2026, with no environmental incidents and no work-related incidents reported during the operation.
Laboratory analysis of the piston core samples identified C4 and C5 hydrocarbons — butanes and pentanes — in select cores within the headspace interstitial gas dataset. That finding is the detail drawing the most attention. United Oil & Gas noted that these higher-order hydrocarbons are not typically associated with biogenic gas systems, making the results consistent with a potential thermogenic contribution — meaning the hydrocarbons may have migrated from a deeper source rock rather than forming near the surface through microbial processes.
The company was careful to frame this as consistent with thermogenic input, not confirmation of a commercial discovery. Those results are now being integrated into the broader subsurface evaluation to support the ongoing farm-out process.
Farm-out process advances with multiple parties under NDA
CEO Brian Larkin described the external environment as compelling for what United offers. He pointed to renewed major-company interest in frontier exploration during 2025 and into 2026, arguing that the strategic value of Atlantic-facing acreage with access to major markets has been “fundamentally repriced.” Jamaica, he said, sits within that category.
Multiple interested parties are currently under non-disclosure agreements and engaged in the farm-out process. United did not name any counterparties but said the calibre of those engaged reflects both asset quality and the work completed to advance it. Separately, the majority of warrants outstanding under the company’s blocklisting scheme were exercised by 24 April 2026, raising approximately £485,667 in gross proceeds and strengthening the working capital position.
UK asset and corporate governance updates
Away from Jamaica, United Oil & Gas continued discussions with operator Egdon Resources regarding the Waddock Cross asset and the prospect of recommencing production there. Independent reservoir modeling estimates 57 million barrels of stock tank oil initially in place at the site and also points to potential for a new horizontal well targeting between 500 and 800 barrels of oil per day gross—though no drilling decision has been announced.
David Williams joined the board as a non-executive director in October 2025, taking on the chair of both the Audit Committee and the Remuneration Committee.
The license runs to January 2028
United Oil & Gas moves forward in 2026 with a narrower loss, higher cash balances, and its most significant technical result to date from the Walton-Morant license. Detection of C4 and C5 hydrocarbons in piston cores provides a geochemical signal consistent with thermogenic input, though the company has stopped well short of characterizing it as proof of a commercial system. The farm-out process is active, with multiple parties under NDA, and the license runs to January 2028—giving United a runway to convert that interest into a transaction. Waddock Cross remains a secondary focus, with production restart discussions continuing alongside the UK reservoir evaluation.
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