Highlights:

• £3.0m (gross) raised by an oversubscribed conditional placing and subscription of a total of approximately 54.5 million shares at 5.5p per share, with warrants attached on a 3 warrants for 4 shares basis at a strike price of 8p
• Funds to be used to pursue new projects in line with dual Company focus to build a portfolio of low risk, late stage appraisal/development projects in Europe and high impact exploration plays in the Caribbean, Latin America and Africa
• Evaluation of a number of new potential projects underway
• Portfolio currently includes commercial discoveries and appraisal projects in the UK, near term gas production opportunities onshore Italy and high-impact exploration opportunities offshore Jamaica
• Value-driving activity expected in the coming months including drilling at UK near shore Colter discovery and results of processing and interpretation of 3D seismic, offshore Jamaica

United Oil & Gas Plc, the London Stock Exchange listed oil and gas exploration and development company, is pleased to announce that it has raised £3 million (gross) via an oversubscribed placing and subscription with existing and new investors of 54,545,454 new ordinary shares of 1p each in the Company at a price of 5.5 pence per Placing Share.  

Placees shall also receive a total of 40,909,080 warrants over ordinary shares in the Company, on the basis of 3 Warrants, exercisable at 8p per share, for every 4 Placing Shares, rounded down to the nearest Warrant. The Warrants will have a 4-year life and shall be exercisable from the first anniversary of issue. The Warrants will not be listed. The issue of the Shares and the Warrants are subject to shareholder approval, as detailed further below.

The Placing has been supported by certain strategic investors in recognition of the quality and underlying value of United's existing assets and management's ability to use this as a platform from which to further grow the Company and build value.

United has a dual-focused portfolio of low risk, late stage appraisal/development projects in Europe and high-impact exploration plays in the Caribbean, Latin America, and Africa. The Company is evaluating a number of potential projects and the Board believes the new funds will assist in securing one or more of these projects, should the Board believe that the projects represent attractive opportunities for shareholders.

United Oil & Gas Plc CEO, Brian Larkin, said, 
"We are delighted with the result of this oversubscribed placing.  This is further validation of our strategy of building a strong and diverse portfolio of late stage development projects in Europe, and high-impact exploration in the Caribbean.