LONDON: United Oil & Gas Plc (AIM: UOG) on Monday reported unaudited results for the six months ending June 30, 2025, highlighting significant progress on its high-impact Walton Morant exploration licence offshore Jamaica.
CEO Brian Larkin said the company had “strengthened the foundations for value creation” at Walton Morant, citing a two-year licence extension to January 2028 as a key milestone. The extension has provided “certainty and running room” for ongoing farm-out discussions, he said.
The licence spans 22,400 square kilometers and holds unrisked potential of approximately 7 billion barrels. Eleven prospects have already been independently certified with 2.4 billion barrels of resources. Larkin emphasized the region’s competitive fiscal terms, strong government support, and breakeven metrics around $25 per barrel in a success case.
“Walton Morant is one of the few billion-barrel frontier opportunities still available globally,” Larkin said.
United also reported progress on permitting, with Jamaica’s National Environmental and Planning Agency (NEPA) approving both the Environmental Permit and Beach Licence in Q3. On the corporate side, the company raised £800,000 in an oversubscribed placing approved at its July AGM, following earlier equity raises and warrant exercises totaling over £500,000.
Post-period, an independent risking study showed improved drilling success probabilities for key prospects. Colibri’s chance of success rose from 19% to 32%, while Oriole improved from 13% to 21%. The study suggests that piston coring could further de-risk the offshore petroleum system.
“We enter the second half of the year with real momentum,” Larkin said. “Our priority is to secure a farm-out partner for Jamaica while continuing to advance planning and permitting.”
United Oil & Gas also holds a development asset in the UK.