United Oil & Gas plc has raised £500,000 through a placing of 250 million new ordinary shares of 0.001p each, at a price of 0.20p per share, by two long-term institutional shareholders.
TVRs
The issue price is a slight discount to the closing mid-market price of 0.23p on 2 July 2026.
Every three placing shares carry one warrant, exercisable at 0.28p per share for six months from the date of issue.
Following admission, the company’s enlarged issued share capital will comprise 4,636,021,868 ordinary shares.
United will use the net proceeds for working capital to advance the farm-out of its 22,400km2 Walton-Morant licence, offshore Jamaica.
The company estimates that the block holds more than seven billion barrels mean / mid case recoverable unrisked prospective resources.