Award of Share Options
Company awarded 332m share options to management and staff with 300% share price vesting condition.
- Total share options awarded 332,361,111
- Options to PDMRs 231,944,445 (5.71% of issued capital)
- Options to employees and consultants 100,416,666 (2.47% of issued capital)
- Exercise price £0.0018 per share
- Vesting condition share price £0.0054 per share
- Total options in issue post-award 373,765,267 (9.19% of issued capital)
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United Oil & Gas Plc (AIM: "UOG"), the oil and gas company with a high-impact exploration asset in Jamaica and a development asset in the UK, announces that, following the RNS of 19th September 2025 regarding the intention to grant performance-related share options, the Company on the 12 November 2025 awarded in total 332,361,111 share options under its updated unapproved share option scheme. 100,416,666 share options (representing 2.47% of the Company's current issued share capital) have been awarded to employees and consultants whilst the further 231,944,445 share options (representing 5.71% of the Company's current issued share capital) have been awarded to PDMRs as detailed below:
| Director/PDMR | Position | Number of New Options | Total Options Held |
|---|---|---|---|
| Brian Larkin | Chief Executive Officer & Director | 152,777,778 | 161,830,572 |
| Simon Brett | Chief Financial Officer (Non-Board) | 79,166,667 | 79,166,667 |
Key Terms of the Awards:
- Exercise price of £0.0018 per ordinary share, equal to the price of Company's July 2025 fundraising.
- Vesting period of one year from date of grant
- Performance criterion: Options vest only if the Company's share price reaches £0.0054 per ordinary share, representing a 300% increase on both the option and July 2025 placing price.
- The share options will be valid for 10 years from date of issue.
Following this award, the total number of share options in issue will be 373,765,267 representing approximately 9.19% of the Company's current issued share capital of 4,065,855,202 ordinary shares.
These awards are designed to align management incentives directly with shareholder value creation, ensuring that any benefit to participants is realised only following a material increase in the Company's share price.
Related Party Transaction:
The award of new share options to Brian Larkin, the Company's Director and CEO, pursuant to the updated unapproved share option scheme, is regarded as a related party transaction under the AIM Rules. Accordingly, Iman Hill and David Williams, being the independent directors for the purposes of considering the share option award, consider, having consulted with Beaumont Cornish Limited, the Company's Nominated Adviser, that the terms of the award are fair and reasonable insofar as the Company's shareholders are concerned.
| a) | Name | Brian Larkin |
| 2 | Reason for notification | |
| a) | Position / status | Chief Executive Officer & Director |
| b) | Initial notification /Amendment | Initial |
| a) | Name | United Oil & Gas plc |
| b) | LEI | 213800WZWERBFYBQ9J17 |
| a) | Description of the financial instrument, type of instrument Identification code | Issuance of share options over New Ordinary Shares of £0.00001 ISIN GB00BYX0MB92 |
| Nature of the transaction | Issuance of Share Options | |
| c) | Price(s) and volumes(s) | Price(s) Volumes(s) £0.0018 pence per Share Option 152,777,778 |
| d) | Aggregated information | n/a |
| e) | Date of the transaction | 12 November 2025 |
| f) | Place of the transaction | Outside a trading venue |
| 1 | Details of the person discharging managerial responsibilities / person closely associated | |
| a) | Name | Simon Brett |
| 2 | Reason for notification | |
| a) | Position / status | Chief Financial Officer (Non-Board) |
| b) | Initial notification /Amendment | Initial |
| a) | Name | United Oil & Gas plc |
| b) | LEI | 213800WZWERBFYBQ9J17 |
| a) | Description of the financial instrument, type of instrument Identification code | Issuance of share options over New Ordinary Shares of £0.00001 ISIN GB00BYX0MB92 |
| Nature of the transaction | Issuance of Share Options | |
| c) | Price(s) and volumes(s) | Price(s) Volumes(s) £0.0018 pence per Share Option 79,166,667 |
| d) | Aggregated information | n/a |
| e) | Date of the transaction | 12 November 2025 |
| f) | Place of the transaction | Outside a trading venue |
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.