United Oil & Gas raises £500K to keep Jamaica farm-out alive

What's the deal? United Oil & GasDealroom has a profile for this one. Try Dealroom → has raised £500,000 (≈$668,281) through a placing of 250 million new shares at 0.20p each, backed by two long-term institutional shareholders. The London-listed company will use the proceeds to bolster working capital as it advances the farm-out of its Walton-Morant exploration licence offshore Jamaica.

The details: The placing was priced at a modest discount to the prior close and lifts the company's enlarged share capital to about 4.64 billion shares. Placees also received warrants exercisable at 0.28p for six months. Admission of the new shares to AIM is expected around July 9, 2026.

Why now? With no production revenue, United has repeatedly flagged that it must secure a farm-out, raise equity, or tap existing investors to keep the Jamaican programme moving. Management framed the raise as a prudent step in supportive market conditions.

What's the endgame? United holds 100% of the 22,500 sq km Walton-Morant licence, which it describes as holding multi-billion-barrel resource potential. The company is pushing a farm-out to bring in a larger partner and has framed recent equity raises as funding its work programme through 2026 pending a deal.

What could go wrong? United carries no revenue, ongoing losses, and renewed cash burn, leaving it dependent on the Jamaican asset to attract new capital. Its market capitalisation stands at £9.67M, and each raise dilutes existing shareholders while the farm-out remains unsigned.

The signal: The £500,000 matters less for its size than for the pattern — a quick re-raise that shows continued institutional willingness to back the Jamaican asset. It buys United time to complete a farm-out process that has become central to its survival and growth story.

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