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United Oil & Gas raises £2.3m ahead of Jamaica exploration survey

United Oil & Gas PLC has conditionally raised £2.3 million to support a planned piston coring programme at its Walton Morant exploration licence offshore Jamaica.

The oversubscribed fundraising includes a placing of 1.48 billion shares and a subscription for 70.7 million shares, both at 0.15p per share.

Proceeds will fund the mobilisation of a suitable vessel, technical and analytical costs, and general expenses related to the piston coring and surface geochemical survey, United said.

It added that a recent independent review indicated that a successful survey could raise the Geological Chance of Success at the Colibri prospect from 19% to 32% and at Oriole from 13% to 21%.

UniVRse Aberdeen - https://univrseaberdeen.com/

Chief executive Brian Larkin described it as “a pivotal moment”.

“The piston core survey has the potential to materially de-risk the Walton Morant Basin, and we are determined to deliver it,” Larkin said in a statement.

“This is about driving tangible value for shareholders and ensuring United remains in the strongest possible position to move Walton Morant forward.”


“Join the companies that smart energy professionals follow – because when you’re featured on OGV, the industry pays attention.”

Tags: United Oil & Gas PLC
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