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

24 June 2026

United Oil and Gas plc

("United" or "the Company")

 Final audited results for the year ended 31 December 2025

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 is pleased to announce the publication of its audited results for the year ended 31 December 2025, extracts from which are set out below.   The final audited results are being posted to shareholders and will shortly be available on the Company's website at https://www.uogplc.com

Highlights Full Year 2025

·      Walton-Morant Licence extended by two years to 31 January 2028, providing tenure certainty

·      Environmental Permit granted by the National Environment and Planning Agency ("NEPA") in July 2025 and Beach Licence secured in September 2025, clearing the regulatory pathway for the SGE programme

·      TDI Brooks International contracted in November 2025 to deliver the SGE programme, including piston core survey, following execution of a formal contract

·      Three fundraisings completed during 2025, maintaining access to capital throughout the year; October 2025 placing raised approximately £2.23m to support the Company's work programme and working capital

·      David Williams appointed Non-Executive Director in October 2025, assuming Chair of the Audit and Remuneration Committees

·      Waddock Cross, UK: continued discussions with operator Egdon Resources on recommencing production; independent reservoir modelling estimates 57 million barrels STOIIP, with potential for a new horizontal well targeting 500-800 bopd gross

Financial Summary

·      Loss after tax: ($1.25m) (2024: $2.44m loss)

·      Group cash balances at 31 December 2025: $1.7m (2024: $0.8m)

Post Period End

·      SGE survey completed safely and on schedule by end of February 2026, with no environmental or work-related incidents

·      Subsequent analysis identified C4 and C5 hydrocarbons (butanes and pentanes) in select piston cores within the headspace interstitial gas dataset. United noted that these higher order hydrocarbons are not typically associated with biogenic gas systems and are therefore consistent with a potential thermogenic contribution

·      Results are being integrated into the Company's subsurface evaluation to support the ongoing farm-out process

·      The Company has a number of interested parties under NDA and engaged in the farm-out process

·      The majority of warrants outstanding under the Company's blocklisting scheme were exercised by 24 April 2026, raising gross proceeds of approximately £485,667 strengthening the Company's working capital position

Brian Larkin, CEO, commented:

"2025 was a landmark year for United. We set out to build the foundations necessary to advance the Walton-Morant Licence and delivered on every objective: the licence extended to January 2028, regulatory approvals secured, the SGE programme fully contracted and funded, and the survey vessel mobilised in January 2026. Every stage of the programme was executed safely and without incident. In a year that required discipline, focus and operational rigour, United demonstrated it can deliver and to a standard that matters in this industry.

The SGE survey was completed safely and subsequent analysis identified C4 and C5 hydrocarbons (butanes and pentanes) in select piston cores within the headspace interstitial gas dataset. United noted that these higher order hydrocarbons are not typically associated with biogenic gas systems and are therefore consistent with a potential thermogenic contribution.

The broader environment could not be more compelling for what United offers. Frontier exploration returned to the top of the agenda for the world's major oil companies during 2025 and into 2026, with high-impact opportunities in stable, well-governed jurisdictions attracting renewed and serious capital across multiple basins globally. The strategic value of Atlantic-facing acreage with direct access to major markets has been fundamentally repriced, and Jamaica sits squarely in that category. As a result, our farm-out strategy has gained momentum and we are encouraged by the calibre of the counterparties under NDA, reflecting both the quality of the asset and the work we have done to advance it. We are focused on converting that into the right outcome for our shareholders."

ENDS

This announcement contains inside information for the purposes of Article 7 of Regulation 2014/596/EU which is part of domestic UK law pursuant to the Market Abuse (Amendment) (EU Exit) regulations (SI 2019/310).

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 

Chief Executive Officer and

Interim Chair review

Dear Shareholders,

The beginning of 2026 has brought significant changes to the geopolitical landscape, marked by the outbreak of conflict with Iran in late February and the effective closure of the Strait of Hormuz. This disruption has affected approximately 20% of global seaborne oil and LNG supply. In this environment the previous oversupply in oil markets has been eradicated, leading to stronger prices and prompting companies to seek resource opportunities beyond the Gulf region particularly in stable jurisdictions with clear regulatory frameworks and direct access to major markets such as Jamaica.

In the Company's Half-Year Results announced in September 2025, we highlighted the strengthening foundations for value creation within the Walton Morant Licence. A key milestone was achieved in March 2025 with the early extension of the licence to 31 January 2028, providing tenure certainty and a defined pathway to unlock value across this frontier asset.

Progress on the Company's key strategic initiative, the Subsurface Geochemical Exploration ("SGE") survey, advanced in May 2025 with the submission of an application to the National Environment and Planning Agency ("NEPA"). Regulatory approvals were subsequently secured, with the Environmental Permit granted in July 2025 and the Beach Licence in September 2025.

In September 2025, the Company published the results of an independent risking study, which indicated a potentially favourable outcome from the SGE survey across the Walton Morant basins. The study suggested the potential to de-risk the offshore petroleum system, building on proven onshore analogues. Notably, it highlighted the potential for improved drilling success probabilities in the event of a successful survey outcome:

a)             Colibri prospect: probability of success increased from 1-in-5 (GCA Report 2020) to 1-in-3

b)            Oriole prospect: probability of success increased from 1-in-8 (GCA Report 2020) to 1-in-5

These findings underscore the broader prospectivity of the Walton Morant Licence, particularly if the piston coring element of the SGE programme confirms evidence consistent with mature source rocks and migrated hydrocarbons.

The Company also progressed key operational partnerships, announcing the signing of a Memorandum of Understanding with TDI Brooks International in October 2025, followed by the execution of a formal contract in November 2025 for the delivery of the SGE programme, including the piston core survey.

Board strengthening continued with the appointment of David Williams as Non-Executive Director in October 2025. He also assumed the role of Chair of the Audit and Remuneration Committees, bringing valuable experience and oversight to the Company.

During the year, the Company maintained access to capital through a series of fundraisings. In early January 2025, £700,000 (gross) was raised through the completion of a placing initiated in December 2024, followed by a £140,000 (gross) strategic investment from an existing shareholder. Additional proceeds of approximately £63,000 were generated through warrant exercises during May to July. In July 2025, the Company completed a further placing of £800,000 (gross), which was approved by shareholders at the General Meeting on 25 July 2025. In early October 2025, the Company secured conditional funding of approximately £2.3 million (gross), with shareholder approval obtained at the General Meeting held on 27 October 2025.

Waddock Cross

We have continuing discussions with the operator, Egdon Resources, to outline a programme for recommencing production. Encouraging reservoir modelling estimates 57 million barrels of Stock Tank Oil Initially in Place. Current plans include a new horizontal well, which could produce 500-800 barrels of oil per day (gross), with around 1 million barrels of gross recoverable oil upon redevelopment.

Jamaica

In March 2025, the licence was extended by two years until 31 January 2028. Under the agreed work program, United committed to undertake piston core sampling survey and seismic reprocessing, to further de-risk the petroleum system.

The Company progressed the SGE including the piston core survey, during 2025 with the application for the survey, followed by receipt of the Environmental Licence and Beach Licence. A technical report produced in September 2025 reinforced the benefits of completing the survey and in November 2025, the company signed the vessel contract with TDI Brooks.

Post-SGE survey results, we are actively pursuing a farm-out of the opportunity. We remain aligned with the Jamaican Government and committed to unlocking the area's significant hydrocarbon potential.

Post year end

Post year end, the SGE survey including piston coring, was successfully completed with no environmental or work-related incidents. The survey results represent an important step forward in our understanding of the Walton Morant licence.

The survey results identified butane and pentane hydrocarbons in the analysis, enhancing our understanding of the licence and provide an important input as we progress our subsurface evaluation and continue to progress discussions with interested parties. Our technical evaluation of the licence's potential will support our ongoing farm-out process as we work to advance this world class licence which contains approximately 7 billion barrels of mid/mean prospective resources.

By the expiry date of 24 April 2026, approximately 95% of the outstanding £0.0015 warrants carried into 2026 had been exercised, generating proceeds of approximately £474,000. The £0.0028 warrants with 24 April 2026, expiry generated proceeds of approximately £11,667.

Strategy

Our focus is our Jamaican exploration asset and advancing a farmout, while continuing to engage with Egdon on the plans for Waddock Cross.

Also, we continue to evaluate opportunities to grow our business and add value for shareholders while not being distracted from our focus on Jamaica and the UK.

Board and governance

David Williams was appointed Non-Executive Director in October 2025. He took over Chair of the Audit and Remuneration committees. The search of a suitable Chair is ongoing and until such time as a new Chair is appointed, I will remain as Interim Chair.

Dialogue with shareholders

Shareholders' views are extremely important to the Company, and we welcome every opportunity to engage. I can be reached via the Company Secretary at [email protected].

Conclusion and outlook for 2026

2025 was a very positive year for the company, and I want to thank our executives, staff and shareholders for their loyalty and dedication during that time.

We continue to look for high impact opportunities which will add value for shareholders to add to our portfolio without losing focus on our Jamaican exploration asset.

The early months of 2026 have been exciting with the undertaking of the SGE program including the piston core survey., These developments enable us to focus on the Jamaica farm-out and advance our broader strategic goals. We look ahead to the rest of the year with optimism.

Brian Larkin

Chief Executive Officer and Interim Chair

Review of operations

2025 represented a significant year of operational progress for United. The Company commenced the year positively, securing a two-year extension to the Walton Morant Licence in Jamaica in March 2025, extending the licence term to January 2028.

In May 2025, the Company applied to the National Environment and Planning Agency (NEPA) to undertake a Surface Geochemical Exploration (SGE) survey, incorporating multibeam echosounder (MBES) data acquisition in advance of a piston core survey. The necessary regulatory approvals were subsequently obtained, with the Environmental Permit granted in July 2025 and the Beach Licence in September 2025.

Operational activities commenced in January 2026 and were completed in February 2026. The survey successfully acquired approximately 2,710 km² of MBES data and 42 piston cores across the Walton Morant licence area.

Subsequent analysis identified C4 and C5 hydrocarbons (butanes and pentanes) in select piston cores within the headspace interstitial gas dataset. United noted that these higher order hydrocarbons are not typically associated with biogenic gas systems and are therefore consistent with a potential thermogenic contribution.

During SGE operations, the company had no environmental or work-related incidents.

Through 2025, the company continued with its farmout efforts in Jamaica.

Jamaica - Walton Morant licence (100% Working Interest)

The Walton Morant licence is a 22,400km2 offshore exploration block situated to the south of the island of Jamaica. Although considered to be a frontier exploration licence, it benefits from excellent data coverage, including 2,250km2 of 3D data, and this has helped define multiple plays, and material prospectivity within the acreage.  Over 7 billion barrels of mean/mid-case recoverable unrisked potential prospective resources have been identified within the Walton Morant Licence area. This estimation is based on United's arithmetic sum of the unrisked mean or mid-case prospective resources for each prospect and lead identified by United and previous operators. The licence area includes over 40 prospects and leads, with 21 identified as having the potential to contain more than 100 million barrels of unrisked mean/mid-case prospective resources.

Eleven high-graded prospects and leads were independently assessed by Gaffney Cline and Associates ("GCA") and included in a Prospective Resources Report (December 2020). In their assessment, GCA attributed over 2.4 billion barrels of recoverable unrisked mean prospective resources across five 3D-defined prospects (2018 vintage) and six 2D-defined leads (2016 & 2017 vintage). The report is available on United's website.

Through 2025, United worked on progressing planning for the SGE programme, from submitting the application in May 2025, to the granting of the Environmental Permit in July 2025 and the Beach Licence in September 2025. Also in September 2025, the company issued an independent study on the potential for de-risking the prospectivity on the licence through a successful SGE survey. This study, commissioned from Iapetus Geoscience Ltd, highlighted that a substantial uplift in the probability of exploration success ("Pg") was possible in the event of a successful work programme. The company signed a Memorandum of Understanding ("MoU") with TDI Brooks International in October 2025 which was followed in November 2025 with the signing of a vessel contract to supply the R/V Gyre to undertake the SGE survey.

United continues to run a farm-out campaign to attract partners to the Licence and its undoubted potential. A farm-out remains a key focus for the company as it seeks to move this potentially transformational project forward. Envoi Ltd remains engaged as an advisor on the farm-out process to assist with attracting potentially interested parties to the opportunity. United are in discussions with several companies who continue to express an interest in the opportunity, and the company remains confident of attracting a partner to the Licence.

UK Onshore - Waddock Cross Oil Field (26.25% Non-Operated Working Interest)

United holds a 26.25% non-operated working interest in the Waddock Cross oil field redevelopment project, which is located onshore southern UK in Dorset. The field redevelopment is located ~12 km west of the Wareham oilfield, and ~15km west of the giant Wytch Farm Oil Field, which is one of the largest onshore oilfields in western Europe. The project is operated by Egdon Resources who are highly experienced in operating oil and gas exploration and production activities onshore UK.

Waddock Cross was the first asset United Oil & Gas acquired in 2016, shortly after the company was set up, and is a key asset for the company.

Reservoir modelling work by the operator estimates that Waddock Cross contains a significant initially in place mean oil volume of 57 mmbbls. A new well with a short horizontal section in the reservoir could yield commercial oil production of between 500 and 800 bopd and such a horizontal well could ultimately result in the recovery of around 1 mmbbls of oil.

Initial well planning and production facilities design has been completed.

Further planning permission and permitting application processes are continuing ahead of plans to drill in 2027 and we look forward to providing updates as and when these planning and permitting milestones are achieved. United continues to support the operator in their planning and permitting efforts and to deliver the well which will hopefully result in near-term, low-risk, low-cost, high-value production barrels for the benefit United and our shareholders.

Financial Review

This Financial Review covers the Group's financial performance for the year ended 31 December 2025, and United's financial position as of that date.

The Group's 2025 performance was in line with expectation, as the business focus has been centred on our Jamaican exploration asset and our Waddock Cross redevelopment asset in the UK.

Thereby, the emphasis has been, on unlocking value from our assets rather than focussing on earnings per share.

Group Administrative Expenses

Total Group administration costs from continuing operations for the year were $1.4m (2024: $1.9m) which includes the adjustment for the non-cash items under IFRS 2 Share Based Payment, impairment of assets and IFRS 16 Leases. Included in Administrative expenses are foreign exchange gains of $0.05m (2024: loss $0.5m).

The Group is reviewing a number of initiatives to further reduce General and Administration costs whilst ensuring continuity of operational capability. These will be ongoing during the year to ensure we maximise cost savings where possible. 

Group Depreciation, Depletion and Amortisation (DD&A)

For 2025, the group incurred $3k (2024: $79k) in depreciation from continuing operations which was related to computer equipment.

Taxation and Other Income

There was no tax charge in 2025.

Loss post tax

The loss for the year from operations was $1.3 m (2024: loss: ($2.4m)).

Cash flow

Net cashflow used in continuing operations amounted to $1.93m (2024: $0.11m generated). The increase year upon year is due to the one off in 2024 of the reduction in trade receivables and disposal of the Egyptian assets.

Balance sheet

Intangibles Assets increased during the year to $8.9m (2024: $7.4m).  Additions for the year amounted to $1.5m, with $1.4m added in Jamaica and $0.1m on UK assets.

Going concern

The Group's business activities, together with the factors likely to affect its future development,

performance and position are set out in the Chief Executive Officers and Interim Chair's statement and the Strategic Report.

Monitoring and Forecasting Activities

United regularly monitors its cash flows, and liquidity through detailed forecasts. These include scenario and sensitivity analyses, which are reviewed by the Board and may impact the Group's future performance.

A base case scenario has been developed that includes budgeted commitments, which includes an equity raise in Autumn 2026, a Jamaican farmout achieved by October 2026 with back costs and all forward current work program costs covered and the 1.5 billion warrants issued in October 2025 being exercised by their expiry date in October 2026.

The company currently has no revenue and is operating at an annual loss and shows a current

net liability as at 31 December 2025. Its only funding options are through warrant exercises, a Jamaican farmout deal covering back and future work program costs, or equity financing.

Key Assumptions and Sensitivities

The key assumptions and related sensitivities include a "Reasonable Worst Case" ("RWC")

sensitivity where the Board has considered a scenario with significant aggregated downside,

including a delay in the farmout, delay in exercise of warrants and an equity raise.

Under the combined RWC, the Group forecasts there will be sufficient resources to continue in operational existence for the foreseeable future. The various assumptions considered were:

a. No Jamaican farmout within 12 months

b. Different quantities of warrants exercised upon expiry in October 2026

c. No further warrants exercised

d. Additional equity requirements

Despite these risks, the Group expects to maintain sufficient resources for ongoing operations.

While it is unlikely that all these downside events will occur simultaneously, the Group has identified mitigating actions. These include deferring some capital expenditure and some potential reductions to the cost base, and potentially raising equity, though success would depend on market conditions and cannot be guaranteed.

Based on past experience, the Directors believe an equity raise is likely to be successful.

According to current forecasts, the Group and Company are expected to meet all liabilities as they fall due.

The Directors also consider it reasonably likely that a Jamaican farmout will be achieved or, if necessary, that additional equity funding can be secured. However, neither outcome is guaranteed.

The Directors have considered the various matters set out above, in particular a Jamaican farmout or additional equity funding which cannot be guaranteed and have concluded that a material uncertainty exists that may cast significant doubt on the ability of the Group and Company to continue as a going concern and the Group and Company may therefore be unable to realise their assets or discharge their liabilities in the normal course of business.

Nevertheless, after making enquiries and considering the uncertainties described above, the Directors are of the view that the Group and Company will have sufficient cash resources available to meet their liabilities and continue in operational existence for at least 12 months from the date of approval of these 2025 financial statements.

On that basis, the Directors consider it appropriate to prepare the financial statements on a going concern basis. These financial statements do not include any adjustment that would result from the going concern basis of preparation as not appropriate to use.

Financial Outlook

United's financial strength is built on a long-term, prudent approach to capital management that creates value for shareholders.

We have streamlined operations and costs while exploring new opportunities. In 2026, our priority will be maintaining financial discipline as the business moves forward.

Our key initiative for 2026 is the Jamaican Surface Geochemical Exploration survey which includes the piston core survey and continuing farmout discussions, alongside ongoing preparations for future drilling the Waddock Cross well.

By the expiry date of 24 April 2026, approximately 95% of the outstanding £0.0015 warrants carried into 2026 had been exercised, generating proceeds of approximately £474,000 and some of the £0.0028 warrants bring in approximately £11,667, giving a total of approximately £485,667.

Based on our current cash position and projections outlined in the going concern note, United is expected to have sufficient resources to fund its 2026 work program.

Simon Brett

Chief Financial Officer

CONSOLIDATED INCOME STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2025

Consolidated Statement of Comprehensive Income

Consolidated Balance Sheet as at 31 December 2025

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER

Basis of preparation

The financial statements have been prepared in accordance with International Accounting Standards in conformity with the requirements of the Companies Act 2006 and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS as adopted by the United Kingdom.

IFRS is subject to amendment and interpretation by the IASB and the IFRS Interpretations Committee, and there is an on-going process of review. These accounting policies comply with each IFRS that is mandatory for accounting periods ending on 31 December 2025

Basis of consolidation

The financial statements for the year ended 31 December 2025 incorporate the results of United Oil & Gas plc and entities controlled by the Company (its subsidiaries).  Control is achieved where the Company has the power to govern the financial and operating policies of an investee entity so as to obtain benefits from its activities. 

All intra-Group transactions, balances, income and expenses are eliminated in full on consolidation. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.

Going Concern

The Group's business activities, together with the factors likely to affect its future development,

performance and position are set out in the Chief Executive Officers and Interim Chair's statement and the Strategic Report.

Monitoring and Forecasting Activities

United regularly monitors its cash flows, and liquidity through detailed forecasts. These include scenario and sensitivity analyses, which are reviewed by the Board and may impact the Group's future performance.

A base case scenario has been developed that includes budgeted commitments, which includes an equity raise in Autumn 2026, a Jamaican farmout achieved by October 2026 with back costs and all forward current work program costs covered and the 1.5 billion warrants issued in October 2025 being exercised by their expiry date in October 2026

The company currently has no revenue and is operating at an annual loss and shows a current net liability as at 31 December 2025. Its only funding options are through warrant exercises, a Jamaican farmout deal covering back and future work program costs, or equity financing.

Key Assumptions and Sensitivities

The key assumptions and related sensitivities include a "Reasonable Worst Case" ("RWC") sensitivity where the Board has considered a scenario with significant aggregated downside, including a delay in the farmout, delay in exercise of warrants and an equity raise.

Under the combined RWC, the Group forecasts there will be sufficient resources to continue in operational existence for the foreseeable future. The various assumptions considered were:

a. No Jamaican farmout within 12 months

b. Different quantities of warrants exercised upon expiry in October 2026

c. No further warrants exercised

d. Additional equity requirements

Despite these risks, the Group expects to maintain sufficient resources for ongoing operations.

While it is unlikely that all these downside events will occur simultaneously, the Group has identified mitigating actions. These include deferring some capital expenditure and some potential reductions to the cost base, and potentially raising equity, though success would depend on market conditions and cannot be guaranteed.

Based on past experience, the Directors believe an equity raise is likely to be successful.

According to current forecasts, the Group and Company are expected to meet all liabilities as they fall due.

The Directors also consider it reasonably likely that a Jamaican farmout will be achieved or, if necessary, that additional equity funding can be secured. However, neither outcome is guaranteed.

The Directors have considered the various matters set out above, in particular a Jamaican Farmout or additional equity funding which cannot be guaranteed and have concluded that a material uncertainty exists that may cast significant doubt on the ability of the Group and Company to continue as a going concern and the Group and Company may therefore be unable to realise their assets or discharge their liabilities in the normal course of business.

Nevertheless, after making enquiries and considering the uncertainties described above, the Directors are of the view that the Group and Company will have sufficient cash resources available to meet their liabilities and continue in operational existence for at least 12 months from the date of approval of these 2025 financial statements.

On that basis, the Directors consider it appropriate to prepare the financial statements on a going concern basis. These financial statements do not include any adjustment that would result from the going concern basis of preparation as not appropriate to use.

New and amended International Financial Reporting Standards adopted by the Group

The Group has adopted the following standards, amendments to standards and interpretations which are effective for the first time this year.  The impact is shown below:

International Financial Reporting Standards in issue but not yet effective

At the date of authorisation of the consolidated financial statements, the IASB and IFRS Interpretations Committee have issued standards, interpretations and amendments which are applicable to the Group. For the next reporting period, applicable International Financial Reporting Standards will be those endorsed by the UK Endorsement Board (UKEB).

New / revised International Financial Reporting Standards which are not considered to potentially have a material impact on the Group's financial statements going forwards have been excluded from the above.

Management anticipates that all relevant pronouncements will be adopted in the Group's accounting policies for the first period beginning after the effective date of the pronouncement. New standards, interpretations and amendments not listed above are not expected to have a material impact on the Group's financial statements.

1.      Discontinued operations

In November 2023, the Group made a decision to discontinue the Egypt operations.

The results of the discontinued operations, which were included in the profit for the previous year, were as follows:

Assets and liabilities of Egypt were not classified as held for sale due to their immaterial nature and because all short-term assets and liabilities are expected to be either settled or transferred to continuing Group operations. These were included in the respective Group assets and liabilities and were as follows:

2.      Segmental reporting

Operating segments

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker, who is responsible for allocating resources, assessing the performance of the operating segment and making strategic decision, has been identified as the Board of Directors.

The Group operates in four geographic areas - the UK, Europe, greater Mediterranean and Latin America. The Group's revenue from external customers and information about its non-current assets (other than financial instruments, deferred tax assets and post-employment benefit assets) by geographical location are detailed below.

3.    Operating Loss

*In 2024 the financial statements were audited by KPMG. The company changed to PKF Littlejohn in January 2026 upon the completion of the 3-year term of prior auditors.

4.      Taxation

The Group has accumulated tax losses of approximately $13.3m (2024: $12m), following close out of Egyptian operations which accounted for tax losses in the prior year. No deferred tax asset was recognised in respect of these accumulated tax losses as there is insufficient evidence that the amount will be recovered in future years.

5.      Loss per share

The Group has issued share warrants and options over Ordinary shares which could potentially dilute basic earnings per share in the future.

Basic earnings per share is calculated by dividing the profit attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the year.

There were 2,766,522,308 (2024: 237,226,657) share warrants and options outstanding at the end of the year that could potentially dilute basic earnings per share in the future.

Basic and diluted loss per share

The loss and weighted average number of ordinary shares used in the calculation of loss per share from continuing operations are as follows:

6.      Intangible assets

At 31 December 2025 the group's E&E carrying values of $8.9m (2024: $7.4m) related to our high impact exploration activity in Jamaica of $8.2m (2024: $6.8m), and the Waddock Cross development campaigns of $0.7m (2024: $0.6m), respectively.

In Jamaica, the work program continues in parallel with the ongoing farmout activity which is seeking to bring in new JV partners before the end of the current licence period, being January 2028. Currently the company has all interested partners under a Non-Disclosure Agreement (NDA).

2025 represented a significant year of operational progress for United. The Company secured a two-year extension to the Walton Morant Licence in Jamaica in March 2025, extending the licence term to January 2028. In May 2025, the Company applied to the National Environment and Planning Agency (NEPA) to undertake a Surface Geochemical Exploration (SGE) survey, incorporating multibeam echosounder (MBES) data acquisition in advance of a piston core survey.

The necessary regulatory approvals were subsequently obtained, with the Environmental Permit granted in July 2025 and the Beach Licence in September 2025. Operational activities commenced in January 2026 and were completed in February 2026. The survey successfully acquired approximately 2,710 km² of MBES data and 42 piston cores across the Walton Morant licence area.

Subsequent analysis identified C4 and C5 hydrocarbons (butanes and pentanes) in select piston cores within the headspace interstitial gas dataset. United noted that these higher order hydrocarbons are not typically associated with biogenic gas systems and are therefore consistent with a potential thermogenic contribution.

During SGE operations, the company had no environmental or work-related incidents. The Balance Sheet value of our Jamaican exploration asset was $8.2m at 31 Dec 2025 and given an ongoing work programme and an active farmout process with several companies who continue to express an interest in the opportunity, no conditions currently exist that would result in the impairment of the carrying value of the asset.

In the UK Waddock Cross licence, the Operator, Egdon Resources Ltd announced last year the extension of the licence for 5 years until March 2029. Initial well planning and production facilities design has been completed.

Further planning permission and permitting application processes are continuing ahead of plans to drill in 2027 and we look forward to providing updates as and when these planning and permitting milestones are achieved. As a result, and with an active work programme in place for 2026, the directors are of the view that all costs incurred on the licence are fully recoverable given the commercial viability of the development demonstrated by the operator. As a result, United continue to carry capitalised costs of $0.7m at the 31 December 2025 Balance sheet date, which includes a decommissioning asset recognised of $0.25m.

Management reviews the intangible exploration assets for indications of impairment at each balance sheet date based on IFRS 6 criteria such as where commercial reserves have not yet been established and the evaluation, exploration work is ongoing and a development plan has not been approved. As a result of these reviews the Directors believe no impairment indicators exist on the company's remaining exploration portfolio, and as a result carry intangibles at book value of $8.9m at 31 December 2025.

7.      Property, plant and equipment

8.      Trade and other receivables

The Directors consider that the carrying values of trade and other receivables are approximate to their fair values.

No expected credit losses exist in relation to the Group's receivables as at 31 December 2025 (2024: $nil).

9.      Cash and cash equivalents

At 31 December 2025 and 2024 all significant cash and cash equivalents were deposited in creditworthy financial institutions in UK, Ireland and Egypt.

10.   Share capital, share premium and merger reserve

Allotted, issued, and fully paid:

As regards income and capital distributions, all categories of shares rank pari passu as if the same constituted one class of share.

During 2025, the Group completed three equity placings.

The first placing was announced in December 2024 and approved at a General Meeting in January 2025. In addition to the £385,000 initially raised in December 2024, the Group raised a further £315,000 gross through the issuance of 315,000,000 new ordinary shares at £0.001 per share. As part of the placing, one warrant was issued for every two placing shares, exercisable at £0.0015 per share. In total, 350,000,000 warrants were issued with an expiry date of 31 December 2025, which was subsequently extended in December 2025 to April 2026.

The second equity placing took place in July 2025, raising gross proceeds of £800,000 through the issuance of 444,444,444 new ordinary shares at £0.0018 per share. One warrant was issued for every two placing shares, exercisable at £0.0028 per share, with an expiry date of July 2026.

The third and final equity placing occurred in October 2025, when the Company raised approximately £2.33 million gross through the issuance of 1,552,532,979 new ordinary shares at £0.0015 per share. The proceeds were used to fund the SGE Programme, including the Piston Core Survey for the Walton Morant licence in Jamaica. As part of the placing, one warrant was issued for every placing share at an exercise price of £0.00225 per share.

In addition to the equity placings, the Group completed several other share-related transactions during the year. On 27 January 2025, the Company announced that it had reached a full and final settlement with Rockhopper Exploration Plc in respect of a legacy liability arising from the Abu Sennan transaction. As part of the settlement, the Company issued 59,523,810 shares in satisfaction of an amount of US$75,000.

On 7 May 2025, an existing shareholder made a strategic investment of £140,000 to support advancement of the Jamaican project. This investment was completed through the issuance of 100,000,000 new ordinary shares at £0.0014 per share.

Finally, between May and July 2025, 20,000,000 warrants exercisable at £0.0015 per share were exercised, generating proceeds of £30,000. In addition, 33,000,000 warrants exercisable at £0.001 per share were exercised, raising a further £33,000.

The Table below shows the new shares issues in 2025.

11.   Trade and other payables

12.   Events after the balance sheet date

On 8^th April 2026 the company announced the SGE survey analysis update. The SGE survey including piston coring started at the end of January 2026 was successfully completed with no environmental or work-related incidents by the end of February 2026.

 During April 2026, approximately 316,000,000 £0.0015 warrants were exercised, generating proceeds of approximately £474,000 and 4,166,667 £0.0028 warrants were exercised generating proceeds of approximately £11,667, giving a total of £485,667.

General Information

The financial information set out above for the years ended 31 December 2025 and 31 December 2024 does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006 but is derived from those accounts.  A copy of the statutory accounts for 2024 has been delivered to the Registrar of Companies and those for 2025 will be delivered to the Registrar of Companies following approval by shareholders at the Annual General Meeting. The full audited financial statements for the years end 31 December 2025 and 31 December 2024 comply with IFRS.