United Oil & Gas PLC / Index: AIM / Epic: UOG / Sector: Oil & Gas

19 September 2025

United Oil & Gas plc

("United" or "the Company")

Intention to Make Performance Related Options Award 

United Oil & Gas Plc (AIM: "UOG"), the oil and gas company with a high-impact exploration asset in Jamaica and a development asset in the UK, announces that it has updated its unapproved share option scheme and its intention to award of up to 332,361,111 performance related share options pursuant to the amended scheme.

These options will not be able to be exercised unless the Company's share price reaches at least £0.0054 per share, representing a 300% premium to both the July 2025 placing price and the proposed exercise price. This will ensure that management, directors, and other contributors will benefit only after substantial value creation for shareholders.

Background

In 2020 United's Remuneration Committee adopted a Remuneration Policy (revised in 2021) that included an unapproved share option scheme (the "Current Option Scheme"), allowing the grant of options "Eligible Persons" provided that outstanding employee share options do not ordinarily exceed 15% of the Company's issued share capital in any rolling 10-year period. Additionally, the Company clarifies that its Annual Report and Accounts previously referred incorrectly to a 10% limit; the correct figure has always been 15%.

Following a review, to align employees with the Company's success and offset salary reductions from recent years, the Board has updated the scheme to:

·    Broaden eligibility to include contractors and consultants who have made material contribution to the Group; and

·    Adjust the vesting period from 3 to 1 year from the date of grant, ensuring alignment with value creation for shareholders

(the "Updated Option Scheme").

To date, 41,404,156 options have been awarded under the Current Option Scheme.  

Intended award of options

The Board intends to make an award of options, including to the Directors and PDMRs, at an appropriate time following the publication of the Company's interim results (due to be released by 30 September 2025) under the Update Option Scheme.

The main criterion for the intended options grant will be linked to share price performance as the options will not be able to be exercised unless the Company's share price reaches at least £0.0054 per share, representing a 300% premium to both the July 2025 placing price and the proposed exercise price. This provides the Company with the flexibility to incentivise and retain key contributors while maintaining strong alignment with shareholder interests.

The key terms of the intended options are:

a)    Total Award: up to 332,361,111 options (13.224% of the Company's current issued share capital of 2,513,322,223)

b)    Exercise price: £0.0018 per option, (equal to the July 2025 placing price)

c)    Vesting period: 1 year from date of grant

d)   Performance criterion: Options become exercisable only if the Company's share price reaches £0.0054 per ordinary share, representing a 300% premium to both the exercise price and the July 2025 placing price

e)    Option life: 10 years from date of grant.

A further announcement will be made as and when the options are awarded pursuant to the Updated Option Scheme.

**ENDS**

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish's responsibilities as the Company's Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.

Notes to Editors

United Oil & Gas is an oil and gas company with a development asset in the UK and a high impact exploration licence in Jamaica.

The business is led by an experienced management team with a strong track record of growing full cycle businesses, partnered with established industry players and is well positioned to deliver future growth through portfolio optimisation and targeted acquisitions.

United Oil & Gas is listed on the AIM market of the London Stock Exchange. For further information on United Oil and Gas please visit www.uogplc.com