United Oil & Gas is doubling down on securing a farm-out partner in the latter part of 2025, after much effort to place the company on a sustainable path.

In a statement attached to the company’s June 2025 half-year results, CEO Brian Larkin shared that the company has been making strides in strengthening its position to take advantage of the Walton-Morant licence and will turn its focus to securing a partner for the second half of the year.

“The first half of 2025 has been about strengthening the foundations for value creation at Walton Morant. In March, the early two-year licence extension to January 2028 was a critical milestone, giving us the certainty and running room needed to drive farm-out discussions forward. For shareholders, it provides a clear pathway for value to be unlocked across one of the few billion-barrel frontier opportunities still available globally,” Larkin shared.

In addition to receiving a prospecting licence extension from the Government of Jamaica, United Oil and Gas received an environmental permit and beach licence from the National Environmental and Planning Agency, which enhances its readiness to further explore the Walton Morant basin.

Larkin underscores the “exceptional” potential of the 22,400 square kilometre area, noting that the company has over 40 identified leads and prospects with an estimate of approximately seven billion barrels of crude resources. So far,11 prospects have already been independently certified to hold 2.4 billion barrels.

“Combined with highly competitive fiscal terms, strong government support, and breakeven metrics around [US]$25/bbl² in a success case, these attributes make Walton Morant a standout frontier opportunity. This is reflected in renewed sentiment across the sector and, importantly, in the engagement of potential farm-in partners, who continue to review and evaluate the licence under NDA, a clear sign of momentum in the farmout process,” the CEO outlined.

Moreover, the recent findings of an independent risk study shared after the June 2025 half-year confirmed that a positive survey result in the Walton and Morant Basins could significantly improve the chances of finding an offshore petroleum system already proven onshore.

Raising funds

To support the operation, United Oil and Gas in January completed an equity placing announced in December 2024, and received the final tranche of £315,000 and issued 350,000,000 warrants at £0.0015 expiring 31 December 2025.

“In May, we raised further funds totalling £140,000 at market with an existing shareholder and subsequent to this, between May and June, shareholders exercised a total of 48 million warrants, raising £55,500. We also extended the £0.0028 warrants due to expire on 30 June 2025 until 31 December 2025. Post period end, a further £ 5 million 0.0015 warrants were exercised, and we successfully raised gross funds of £800,000 at £0.0018, which was approved at the AGM on 25 July. This placing was oversubscribed and shows the strength of support from our shareholders, which we greatly appreciate,” Larkin disclosed.

What’s next?

On this note, he stated that the first half of 2025 has been “highly progressive, with notable momentum clearly building on the Jamaican licence”. The CEO also believes the Walton Morant Risking Report will add significant value to the company’s farmout efforts, as permitting milestones indicate its operational readiness.

“As we move into the latter part of the year, our focus remains on advancing work programmes across Jamaica and continuing to make steady progress on farmout discussions,” Larkin shared.

“We enter the second half of the year with real momentum. Our priority is to secure a farm-out partner for Jamaica while continuing to advance planning and permitting so the licence is ready for operations. The new Risking Report underlines the scale of the opportunity and shows how further technical work can materially de-risk the basin,” he further said.

The United Oil and Gas CEO is buoyant that Walton Morant is positioned to deliver significant value for its shareholders, as potential partners review the licence data under NDA, and discussions are ongoing.