United Oil & Gas PLC (LSE:UOG) has reported a net loss of about $0.80m for the first half of 2026 and said it is engaging with several parties over a farm-out of its Walton-Morant Licence offshore Jamaica, while flagging a material uncertainty over going concern.

What was announced

The AIM-quoted exploration company published unaudited half-year results for the six months to 30 June 2026 on 28 September 2026. United Oil & Gas (LSE:UOG) holds the high-impact Walton-Morant Licence in Jamaica and a development asset in the UK. The report focused on progress towards a farm-out of the Jamaican licence, which management described as its immediate priority.

Chief Executive Brian Larkin said: "Our immediate priority remains the Jamaica farm-out", adding that the company is engaging "with several parties". He also said the company "has continued to build both the technical foundation and operational capability required to advance the Walton-Morant Licence toward a successful farm-out", and described Jamaica as offering "clear regulatory frameworks and direct access to major markets." The directors regard a successful farm-out as "transformational" for the company and its shareholders. No terms, counterparties or timetable for a farm-out were disclosed.

The numbers

The company generated no Revenue in the period. Administrative expenses rose to $809,848 from $568,642 a year earlier, and the operating loss widened to $831,575 from $447,581. The net loss for the half was $800,864, compared with $338,539 in the first half of 2025, equal to a basic and diluted loss of 0.02 cents per share.

At 30 June 2026, cash and equivalents were $494,482. Total Assets were $10,760,266, of which intangible assets accounted for $10,192,165, and net assets were $9,387,287. Current liabilities were $1,112,382, leaving net current liabilities of $548,238.

Operating cash outflow was $527,686 and investing outflow $1,310,325, partly offset by financing inflow of $652,959, giving a net decrease in cash of $1,185,052. Warrant exercises completed by 24 April 2026 raised £485,667: around 95% of the warrants priced at £0.0015 were exercised, generating £474,000, while warrants priced at £0.0028 generated £11,667. In July 2026, after the period end, the company raised $500,000 from institutional investors, taking its cash position above $1.1m.

The Jamaica licence

The company estimates the Walton-Morant Licence holds approximately 7 billion barrels of prospective resources. It highlighted the Colibri prospect, with 406 million barrels of mean resources, and the Thunderball lead, with 603 million barrels, together representing more than 1 billion barrels of gross unrisked mean resources. These are prospective resource estimates rather than reserves.

During the half, the company completed a seabed geochemical exploration survey in February 2026, including piston coring with no environmental incidents reported. Subsurface evaluation is continuing to support the farm-out process. In September 2026, the company engaged NRG Well Management to study the availability of drilling rigs and long-lead items, work that management said will inform decisions on a future drilling programme. Also in September, Donal Meehan was appointed Chief Operating Officer.

Going concern and what to watch next

The directors reported a material uncertainty that may cast doubt on the company's ability to continue as a going concern. The company has no revenue and relies on future funding, although the directors concluded that sufficient resources exist for 12 months from approval of the accounts. The key dependencies they identified are completion of a Jamaica farm-out, the exercise of warrants in October 2026 and potential further share raises. Deferral of Capital Expenditure and reductions to the cost base are available as mitigating actions if required.

Points to monitor include any announcement on the farm-out, the outcome of the October 2026 warrant exercise window, the results of the NRG rig availability study and any further fundraising.