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(Sharecast News) - United Oil & Gas reported a narrower annual loss on Thursday as it advanced its Walton-Morant licence in Jamaica and completed key regulatory and funding steps ahead of a 2026 geochemical survey.
The AIM-traded company reported a loss after tax of $1.25m for the year ended 31 December, compared with a $2.44m loss in 2024. Cash at year-end rose to $1.7m from $0.8m.
United said the Walton-Morant licence was extended by two years to 31 January 2028, while an environmental permit and beach licence were secured in 2025, clearing the regulatory pathway for its subsurface geochemical exploration programme.
TDI Brooks International was contracted in November to deliver the programme.
Post year-end, the survey was completed safely and on schedule by the end of February, with no environmental or work-related incidents.
Subsequent analysis identified C4 and C5 hydrocarbons in selected piston cores, which United said were consistent with a potential thermogenic contribution.
The company said the results were being integrated into its subsurface evaluation to support the ongoing farm-out process, with a number of interested parties under non-disclosure agreements.
In the UK, United said discussions continued with operator Egdon Resources over recommencing production at Waddock Cross, where independent reservoir modelling estimated 57 million barrels of stock tank oil initially in place.
A potential new horizontal well could target gross production of 500 to 800 barrels of oil per day.
United raised capital three times during 2025, including an October placing of about 2.23m to support its work programme and working capital.
Post year-end, warrant exercises raised gross proceeds of about 485,667.
Chief executive and interim chair Brian Larkin said 2025 had been a "landmark year" for United, adding that the company had delivered on every objective needed to advance Walton-Morant.
At 1619 BST, shares in United Oil & Gas were up 3.6% at 0.18p.
Reporting by Josh White for Sharecast.com.
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