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LONDON - United Oil & Gas PLC (AIM:UOG) reported a loss of $2.44 million for the year ended December 31, 2024, compared to a $20.37 million loss in the previous year, according to the company’s final audited results released Thursday.
The London-listed oil and gas company, which holds exploration assets in Jamaica and the UK, ended the year with cash balances of $0.8 million, down from $2 million at the end of 2023. Capital expenditure decreased to $1.3 million from $6.2 million in the prior year.
United Oil & Gas resolved a default notice in Egypt during 2024, recovering $1.6 million from receivables and completing its exit from the Abu Sennan concession. The company received formal approval for withdrawal from the Egyptian concession in March 2025.
The company secured a two-year extension to its Walton Morant license in Jamaica in January 2024, followed by a second two-year extension in March 2025, extending the license through January 2028. United Oil & Gas describes the Jamaica asset as its most material holding.
In the UK, the company received a five-year extension to its Waddock Cross license in April 2024.
Following year-end, United Oil & Gas raised additional capital through a £700,000 placing completed in January 2025 and received £140,000 from an existing shareholder in May 2025. The company also saw 48 million warrants exercised.
The company’s auditors noted a material uncertainty regarding going concern, though directors believe the company will have sufficient resources to meet liabilities and continue operations for at least 12 months.
United Oil & Gas stated in the press release that it is focusing on progressing a farm-out of its Jamaican exploration asset while continuing to engage with Egdon Resources on plans for Waddock Cross.
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