United Oil & Gas Plc (UOG) AI Stock Analysis

• Market Cap: £9.23M
• Dividend Yield: N/A
• Average Volume (3M): 44.69M
• Price to Earnings (P/E): ―
• Beta (1Y): -0.18
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: UK
• Employees: 12
• Sector: Energy
• Sector Strength: 52
• Industry: Oil & Gas Exploration & Production
• EPS (TTM): 0.00
• Shares Outstanding: 4,395,855,000
• 10 Day Avg. Volume: 22,527,178
• 30 Day Avg. Volume: 44,694,065
• PEG Ratio: <0.01
• Price to Book (P/B): 0.19
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 10.20
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 52 Neutral
• Price Target: 0.18 p ▲(48.33% Upside)
• Action: Reiterated Date: 02/04/26
• Date: Action: Reiterated 02/04/26

The score is held back primarily by weak financial performance (zero revenue and continued losses, plus volatile cash generation), partially offset by low leverage. Technical indicators are a key positive, showing an established uptrend with solid momentum. Valuation remains a concern because earnings are negative and the P/E is not meaningfully supportive.

Positive Factors

Low leverage

Very low reported debt-to-equity (~0.03 in 2024) provides durable financial optionality for an exploration company: it reduces near-term solvency risk, preserves ability to raise project finance or farm-out from a non-levered position and limits fixed charge pressure while pursuing upstream opportunities.

Proven cash-generation episodes

The company has demonstrated the ability to produce material operating cash in at least one recent year (OCF 10.1M in 2023) and maintain positive free cash flow in 2024 despite net losses. This shows underlying operational upside when assets or dispositions crystallize, supporting funding for exploration or reducing dilution risk.

Farm-out / partnership model

A business model that routinely progresses exploration with partners and via farm-outs structurally de-risks capital intensity. By transferring acreage risk and capex to partners, UOG can conserve cash, access technical expertise, accelerate appraisal and scale activity without proportionally expanding its balance-sheet commitments.

Negative Factors

Revenue collapse and sustained losses

A drop to zero reported revenue across 2023–2024 combined with consecutive losses is a fundamental red flag for an upstream explorer: it signals a loss of operating scale and cash-generating assets, materially increases reliance on external funding and raises the bar for returning to sustainable commercial operations.

Eroding equity base

A steep drop in shareholders' equity over two years materially weakens the company’s capital buffer. Lower equity limits headroom for financing exploration, increases vulnerability to dilution or hostile financing conditions, and reduces credibility in farm-out negotiations where counterparty strength matters.

Highly volatile cash generation

Extreme swings in operating and free cash flow across consecutive years make planning and project execution difficult. Such volatility increases dependence on market financing, raises execution risk for multi-year exploration programmes, and undermines confidence in the durability of internal funding for development.

United Oil & Gas Plc Business Overview & Revenue Model

Company Description

United Oil & Gas Plc, together with its subsidiaries, engages in the exploration, development, and production of oil and gas in the United Kingdom, other countries in Europe, and Latin America. The company holds interests in the Abu Sennan concession located in the Western Desert region of onshore Egypt; the Maria license located in the Central North Sea, and the Walton Morant license located in offshore Jamaica. It also holds interests in the PL090 license located in the Wessex Basin, onshore United Kingdom; and P2480 license in the located Outer Moray Firth Basin, offshore United Kingdom. The company was incorporated in 2015 and is based in London, the United Kingdom.

How the Company Makes Money

United Oil & Gas Plc Financial Statement Overview

Summary

Financials are pressured by a sharp operating deterioration: revenue fell to zero in 2023–2024 and the company remained loss-making in both years. The balance sheet shows low leverage (debt-to-equity ~0.03 in 2024), but equity has materially declined, signaling value erosion. Cash flow is inconsistent—strong operating cash flow in 2023 but a steep drop in 2024—reducing confidence in durability.

Income Statement

Profitability has deteriorated sharply: the company moved from positive net income in 2020–2022 to significant losses in 2023 and remained loss-making in 2024. Revenue also dropped to zero in 2023–2024 versus ~21.0M in 2021–2022, indicating a major contraction in operating scale. While earlier years showed solid gross profitability and positive earnings, the recent two-year trajectory dominates the outlook and weighs heavily on the score.

Balance Sheet

Leverage looks manageable, with debt-to-equity improving to ~0.03 in 2024 (down from ~0.19 in 2023 and ~0.11 in 2022), suggesting limited balance-sheet debt risk. However, equity has declined from 2022 levels (26.96M to 5.95M in 2024), and returns on equity turned deeply negative in 2024, reflecting value erosion from losses. Overall, the balance sheet is not highly levered, but shrinking equity is a meaningful concern.

Cash Flow

Cash generation is volatile: operating cash flow was very strong in 2023 (10.10M) but fell dramatically to 0.11M in 2024, and free cash flow growth in 2024 was sharply negative. A positive in 2024 is that free cash flow remained positive despite net losses, but cash flow support versus earnings is inconsistent across years (very strong in 2023, weak in 2024). The variability reduces confidence in cash flow durability.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	0.00	0.00	0.00	21.01M	21.17M	9.05M
Gross Profit	-24.25K	0.00	0.00	12.87M	12.26M	2.55M
EBITDA	-1.10M	-1.80M	0.00	1.69M	10.97M	5.01M
Net Income	-900.34K	-2.44M	-20.37M	2.35M	3.60M	852.66K
Balance Sheet
Total Assets	5.89M	8.26M	10.23M	33.96M	33.77M	29.18M
Cash, Cash Equivalents and Short-Term Investments	152.67K	775.29K	1.99M	1.35M	397.31K	2.19M
Total Debt	138.18K	189.36K	1.28M	3.06M	2.53M	4.75M
Total Liabilities	1.38M	2.30M	3.44M	7.00M	9.47M	9.52M
Stockholders Equity	6.18M	5.95M	6.79M	26.96M	24.29M	19.66M
Cash Flow
Free Cash Flow	-468.85K	109.42K	3.86M	122.56K	3.38M	556.35K
Operating Cash Flow	-468.85K	109.42K	10.10M	8.71M	9.11M	4.83M
Investing Cash Flow	-727.35K	-1.29M	-6.24M	-3.70M	-5.57M	-15.43M
Financing Cash Flow	849.26K	562.37K	-1.82M	-2.95M	-4.96M	11.78M

United Oil & Gas Plc Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
UJO	58 Neutral	£7.47M	-4.82	-2.88%	―	―	―
UOG	52 Neutral	£9.23M	-4.18	-14.83%	―	―	―
RBD	47 Neutral	£9.17M	-1.04	-7.46%	―	―	―
AST	43 Neutral	£3.45M	-0.31	―	―	―	―
WTE	34 Underperform	£6.84M	-1.31	-13.06%	55.43%	14.40%	26.92%

United Oil & Gas Plc Corporate Events

United Oil & Gas Launches Technical Podcast to Spotlight Offshore Jamaica Exploration

United Oil & Gas has launched the first episode of its internal technical podcast, On the Rocks, designed to give shareholders and other stakeholders deeper insight into the geological evidence supporting its offshore exploration activities in Jamaica. Timed to coincide with the start of offshore survey work on the Walton Morant Licence using the R/V Gyre, the debut episode features senior technical staff explaining the data that indicate a working petroleum system offshore Jamaica—ranging from onshore hydrocarbon signs and basin continuity to satellite-detected potential oil slicks, fluid migration pathways and seabed anomalies—and outlines how the ongoing seabed geochemical exploration programme and piston coring could materially reduce exploration risk as offshore operations progress; further episodes will be released at key technical and operational milestones via the company’s YouTube channel.

The most recent analyst rating on (GB:UOG) stock is a Hold with a £0.14 price target. To see the full list of analyst forecasts on United Oil & Gas Plc stock, see the GB:UOG Stock Forecast page.

United Oil & Gas Starts Seabed Survey on Jamaican Walton Morant Licence

United Oil & Gas has begun the first stage of its Surface Geochemical Exploration programme on the Walton Morant offshore licence in Jamaica, launching multibeam echosounder operations from the R/V Gyre to produce high-resolution seabed imaging and depth mapping over priority areas. The staged programme, which will progress to heat flow measurements and piston coring with subsequent geochemical analysis in the US, is designed to confirm the presence of a working offshore petroleum system, materially de‑risk the licence’s prospectivity and strengthen the company’s position in ongoing farm-out discussions, with initial laboratory results expected from about one month after completion of the offshore survey.

The most recent analyst rating on (GB:UOG) stock is a Hold with a £0.16 price target. To see the full list of analyst forecasts on United Oil & Gas Plc stock, see the GB:UOG Stock Forecast page.

United Oil & Gas Mobilises Survey Vessel for Key Jamaican Offshore Exploration Survey

United Oil & Gas has announced the mobilisation of the survey vessel R/V Gyre from Trinidad to Jamaica to undertake an offshore surface geochemical exploration survey on the Walton Morant Licence. The vessel is expected to arrive in Kingston within about a week, complete inspection and then begin operations around 27 January, starting with a multibeam echo sounder survey followed by heat flow measurements and seabed piston coring. Core samples will be sent to a US laboratory for detailed geochemical analysis, with preliminary data expected one to two months after fieldwork and final results around mid‑2026. By targeting seabed features such as pockmarks that may be associated with hydrocarbon seepage, the programme aims to confirm the presence of thermogenic hydrocarbons and provide direct evidence of an active petroleum system, which would materially de‑risk the licence’s 7.1 billion barrels of unrisked prospective resources and inform future exploration and strategic decisions in this key Jamaican basin.

The most recent analyst rating on (GB:UOG) stock is a Hold with a £0.13 price target. To see the full list of analyst forecasts on United Oil & Gas Plc stock, see the GB:UOG Stock Forecast page.

United Oil & Gas Extends Warrant Expiries to Align With Jamaica Survey Milestones

United Oil & Gas has extended the expiry dates of two large tranches of existing warrants, covering roughly 166.7 million warrants at £0.0028 and 320 million warrants at £0.0015 per share, from 31 December 2025 to 24 April 2026, with all other terms unchanged. The move is designed to align potential warrant exercises with key near-term operational milestones, notably an upcoming piston coring survey offshore Jamaica expected to deliver results in early Q1 2026, signalling the company’s intent to maintain financial flexibility and investor alignment as it advances its high-impact exploration and UK development portfolio.

United Oil & Gas Awards Share Options to Align Management Incentives

United Oil & Gas Plc has awarded 332,361,111 share options under its updated unapproved share option scheme. This move, which includes significant allocations to key executives, aims to align management incentives with shareholder value creation by tying the vesting of options to a substantial increase in the company’s share price. The issuance of these options represents approximately 9.19% of the company’s current issued share capital, with the exercise price set at £0.0018 per share. The awards are considered fair and reasonable by the company’s independent directors.

United Oil & Gas Signs Vessel Contract for Jamaican Survey

United Oil & Gas Plc has signed a contract with TDI Brooks International for the R/V Gyre survey vessel to conduct a piston coring and surface geochemical programme on the Walton Morant Licence offshore Jamaica. This initiative is a significant step in supporting ongoing farm-out discussions and shareholder value creation, as it aims to confirm the presence of hydrocarbons and de-risk the basin. The survey, expected to start in December 2025 and last two to three weeks, will provide critical data for basin modelling and enhance the definition of key prospects. United remains committed to supporting Jamaica’s energy development and recovery efforts following a recent hurricane.