United Oil & Gas Reports Progress on Jamaica SGE Survey and Farm-Out Process in 2025 Final Results

United Oil & Gas 2025 final results: Jamaica asset advanced, but this is still a funding story

United Oil & Gas has used 2025 to move its Jamaica licence forward in a very practical way. The company extended the Walton-Morant licence to 31 January 2028, secured the key permits needed for fieldwork, contracted the survey vessel, then completed the Subsurface Geochemical Exploration – or SGE – programme in early 2026.

That matters because United is not being valued on cash flow today. It has no revenue, it is loss-making, and the main investment case rests on turning its Jamaica acreage into a farm-out deal, where a larger industry partner pays in to help fund future work.

Key numbers from United Oil & Gas 2025 results

Metric	2025	2024
Loss after tax	US$1.25 million	US$2.44 million loss
Cash balance at year end	US$1.67 million	US$0.78 million
Administrative expenses	US$1.4 million	US$1.9 million
Exploration and evaluation assets	US$8.9 million	US$7.4 million
Jamaica licence interest	100%	100%
Waddock Cross interest	26.25%	26.25%

Jamaica SGE survey results: why butane and pentane have caught the market’s eye

The biggest operational news is post year-end. United completed the SGE survey safely by the end of February 2026, collecting around 2,710 km² of multibeam echosounder data and 42 piston cores across the licence.

Analysis then identified C4 and C5 hydrocarbons – butanes and pentanes – in select piston cores. The company says these are not typically associated with biogenic gas systems, which are formed by shallow biological processes, and are therefore consistent with a potential thermogenic contribution, meaning hydrocarbons generated by heat and pressure deeper in the subsurface.

In plain English, this is not proof of a commercial oil discovery. But it is the kind of technical signal explorers want to see before trying to bring in a bigger partner. For a frontier basin, that is useful evidence rather than a definitive answer.

Why the farm-out process matters more than almost anything else

A farm-out is effectively a deal where another company funds part of the work in exchange for a stake in the licence. For small AIM explorers, that is often the bridge between geological promise and the eye-wateringly expensive business of drilling.

United says the SGE results are now being integrated into its subsurface work to support the ongoing farm-out process. It also says it has a number of interested parties under NDA, short for non-disclosure agreement. That is encouraging, although the names of those parties are not disclosed.

My read is simple: the Jamaica asset has become more credible, but the real value trigger is still a commercial deal, not just more technical interpretation. Until a farm-out is signed, investors are still backing potential rather than funded development.

Walton-Morant licence potential looks large, but investors should keep one foot on the ground

United continues to describe Walton-Morant as a world-class exploration asset. The company says the licence contains around 7 billion barrels of mid-case or mean prospective resources, with over 40 prospects and leads identified.

That sounds huge, and it is huge on paper. But prospective resources are not reserves, not production, and not revenue. They represent estimated recoverable volumes in structures that may contain hydrocarbons if exploration succeeds.

The company also highlighted an independent study from September 2025 suggesting that, if the SGE survey was successful, the probability of success could improve materially. For the Colibri prospect, that rose from 1-in-5 to 1-in-3, and for Oriole from 1-in-8 to 1-in-5. Those are better odds, but they are still exploration odds.

Waddock Cross gives United Oil & Gas a UK development angle

The UK asset is Waddock Cross in Dorset, where United holds a 26.25% non-operated interest. Reservoir modelling by the operator, Egdon Resources, estimates 57 million barrels STOIIP – stock tank oil initially in place, basically the amount of oil thought to be in the reservoir before recovery factors are applied.

Current plans include a new horizontal well that could produce 500 to 800 barrels of oil per day gross, with around 1 million barrels of gross recoverable oil on redevelopment. Planning and permitting are continuing, with drilling targeted in 2027.

This is a genuine source of upside because it is more development-led than Jamaica. But it is not imminent cash flow yet, and United is not the operator, so progress will partly depend on Egdon moving it through the approvals process.

Funding, dilution and the going concern warning are the parts investors cannot ignore

Here is the less glamorous bit, but arguably the most important for shareholders. United ended 2025 with US$1.67 million of cash, up from US$0.78 million, helped by three equity placings during the year and later warrant exercises.

After the year end, the exercise of warrants raised around £485,667 gross by 24 April 2026. That helped working capital, but the bigger picture is that United currently has no revenue and is still reliant on fundraisings, warrant exercises, or a Jamaica farm-out to fund itself.

The accounts are clear on this. The directors say a material uncertainty exists that may cast significant doubt on the group’s ability to continue as a going concern. That is serious wording, even if they still prepared the accounts on a going concern basis.

Management’s base case includes an equity raise in autumn 2026, a Jamaican farm-out by October 2026, and the exercise of 1.5 billion warrants issued in October 2025 before expiry in October 2026. In other words, more dilution is part of the planning assumption.

That does not make the story broken. It does mean investors need to treat funding risk as central, not secondary.

Is United Oil & Gas 2025 final results announcement positive or negative?

Operationally, this is a positive update. United did what it said it would do in Jamaica: licence extension, permits, contractor signed, survey completed, and interesting hydrocarbon indicators identified. For a small explorer, delivery matters.

Financially, it is more mixed. The loss narrowed, costs were lower, and cash improved, which all help. But the company still has no revenue, depends on the capital markets, and carries an explicit going concern uncertainty.

So the honest verdict is this: better asset momentum, but still a speculative investment case. If a farm-out lands on decent terms, these results will look like the groundwork before a meaningful rerating. If it slips, funding pressure could come back into focus very quickly.

What retail investors should watch next after United Oil & Gas results

• Any formal Jamaica farm-out announcement, including whether a partner funds back costs and future work
• Further technical interpretation from the SGE programme
• Progress on Waddock Cross permitting ahead of a potential 2027 well
• Whether the company needs another equity raise in autumn 2026
• Exercise levels on the remaining October 2025 warrants

Bottom line on United Oil & Gas and the Jamaica farm-out process

This RNS does not show a company making money. It shows a company trying to make its main asset partnerable. On that score, 2025 looks like a decent year and early 2026 has added a useful technical boost.

For retail investors, the attraction is obvious: a 100% interest in a large frontier licence with signs of hydrocarbon charge, plus a UK development option on the side. The catch is just as obvious: you are betting on execution, funding, and a farm-out deal, not on current earnings.

That makes United Oil & Gas interesting, but still firmly high risk.