Award of Share Options
United Oil & Gas Plc announced the award of 203,814,481 share options on August 18, 2026, with 97,932,799 options granted to employees and consultants and 105,881,682 to PDMRs, including the CEO, CFO, and a Non-Executive Director. These options have an exercise price of £0.0024, a 20% premium to the July 2026 fundraising price, and vest after one year, contingent on the share price reaching £0.006. Following this award, the total number of outstanding share options represents approximately 12.41% of the company's issued share 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, the Company on the 18 August 2026 awarded in total 203,814,481 share options under its updated unapproved share option scheme details of which were disclosed in the Remuneration Committee Report in the Company's 2025 Accounts. 97,932,799 share options (representing 2.11% of the Company's current issued share capital) have been awarded to employees and consultants whilst the further 105,881,682 share options (representing 2.28% 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 | 48,248,136 | 210,078,708 |
| Iman Hill | Non-Executive Director | 20,000,000 | 21,481,481 |
| Simon Brett | Chief Financial Officer (Non-Board) | 37,633,546 | 116,800,213 |
Key Terms of the Awards:
- Exercise price of £0.0024 per ordinary share, which is a 20% premium to the price of Company's July 2026 fundraising.
- Vesting period of one year from date of grant.
- Performance criterion: share options vest only if the Company's share price reaches £0.006 per ordinary share, representing a 250% increase on the share option price and 300% on the July 2026 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 is 575,403,278 representing approximately 12.41% of the Company's current issued share capital of 4,636,021,868 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, Iman Hill, the Company's Non-Executive Director, and Simon Brett, the Company's Chief Financial Officer (Non-Board), pursuant to the updated unapproved share option scheme, is regarded as a related party transaction under the AIM Rules. Accordingly, David Williams, being the independent director for the purposes of considering the share option award, considers 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) £0.0024 pence per Share Option 48,248,136 |
| d) | Aggregated information | n/a |
| e) | Date of the transaction | 18 August 2026 |
| 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) £0.0024 pence per Share Option 37,633,546 |
| d) | Aggregated information | n/a |
| e) | Date of the transaction | 18 August 2026 |
| f) | Place of the transaction | Outside a trading venue |
| 1 | Details of the person discharging managerial responsibilities / person closely associated | |
| a) | Name | Iman Hill |
| 2 | Reason for notification | |
| a) | Position / status | Non-Executive 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) £0.0024 pence per Share Option 20,000,000 |
| d) | Aggregated information | n/a |
| e) | Date of the transaction | 18 August 2026 |
| f) | Place of the transaction | Outside a trading venue |
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