#1UNITED OIL & GAS PIC Management presentation March 2024 WWW.UOGPLC.COM Lobster UNITED OIL & GAS#2UNITED OIL & GAS DISCLAIMER 2 This presentation (“Presentation”) is being supplied to you solely for your information. The Presentation has been prepared by, and is the sole responsibility of, United Oil & Gas Plc (the "Company", "UOG", "United", or "United Oil & Gas"). The directors of the Company have taken all reasonable care to ensure that the facts stated herein are true to the best of their knowledge, information and belief. The Presentation does not constitute, or form part of, an admission document, listing particulars, a prospectus or a circular relating to the Company, nor does it constitute, or form part of, any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any shares in the Company nor shall it or any part of it, or the fact of its distribution, form the basis of, or be relied upon in connection with, or act as any inducement to enter into, any contract thereof. Nothing herein constitutes investment advice. No reliance may be placed for any purpose whatsoever on the information contained in the Presentation or on its completeness, accuracy or fairness thereof, nor is any responsibility accepted for any errors, misstatements in, or omission from, the Presentation or any direct or consequential loss however arising from any use of, or reliance on, the Presentation or otherwise in connection with it. However, nothing in this disclaimer shall be effective to limit or exclude any liability which, by law or regulation, cannot be limited or excluded. The Presentation may not be reproduced or redistributed, in whole or in part, to any other person, or published, in whole or in part, for any purpose without the prior consent of the Company. The Presentation or documents referred to in it contain forward-looking statements. These statements relate to the future prospects developments and business strategies of the Company. Forward-looking statements are identified by the use of such terms as "believe", "could", "envisage", "estimate", "potential", "intend", "may", "plan", "will" or the negative of those, variations or comparable expressions, including references to assumptions. Certain statements, graphs, tables and data-sets used throughout the Presentation are "forward-looking statements" including management's and third party assessments of future plans, operations, values and returns and represent the Company's international projects, expectations or beliefs concerning, among other things, future operating results and various components thereof or the Company's future economic performance. These projections, estimates and beliefs contained in such forward looking statements necessarily involve known and unknown risks and uncertainties which may cause the Company's actual performance and financial results in future periods to differ materially from any estimates or projections. These risks include, but are not limited to, risks associated with the oil and gas industry in general, delays or changes in plans with respect to exploration and development activities and capital expenditures, the uncertainties of estimates and projections relating to production, political risks, costs and expenses and health and safety and environmental risks, commodity price and exchange rate fluctuations, and uncertainties resulting from competition and ability to access sufficient capital, and risks relating to the ability to complete capital markets transactions referred to in the Presentation. The forward-looking statements contained in the Presentation are based on current expectations and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by those statements. If one or more of these risks or uncertainties materialises, or if underlying assumptions prove incorrect, the Company's actual results may vary materially from those expected, estimated or projected. Given these risks and uncertainties, potential investors should not place any reliance on forward-looking statements. These forward-looking statements speak only as at the date of the Presentation. No undertaking, representation, warranty or other assurance, expressed or implied, is made or given by or on behalf of the Company or any of its respective directors, officers, partners, employees or advisers or any other person as to the accuracy or the completeness of the information or opinions contained herein and to the extent permitted by law no responsibility or liability is accepted by any of them for any such information or opinions. The content of information contained in these slides and the accompanying verbal presentation (together, the "Presentation") has not been approved by an authorised person within the meaning of the Financial Services and Markets Act 2000 ("FSMA"). Reliance upon the Presentation for the purpose of engaging in any investment activity may expose an individual to a significant risk of losing all of the property or other assets invested. If any person is in any doubt as to the contents of the Presentation, they should seek independent advice from a person who is authorised for the purposes of FSMA and who specialises in advising in investments of this kind.#3UNITED OIL & GAS Introduction | Management Presentation SUMMARY Egypt | Clear action to address issues • The decision to divest away from Egypt was taken due to the worsening economic climate STRATEGIC INVESTORS TO SUPPORT GROWTH STRATEGY • • Limited value in our share price for Egypt United received a default notice from Kuwait Energy Egypt, the partner on United's Abu Sennan concession in January 2024. The decision frees up management resources to focus on opportunities to grow business outside Egypt. Jamaica | Licence extension and 2024 work programme . . . United's Walton Morant licence has the potential to be transformational for the Company United remains in discussions with a number of interested parties around a farm-out. The company is focused on progressing the project, through the hiring of a new country manager - Herona Thompson based in Jamaica. The proceeds from the recent fundraise will be used to advance the 2024 work programme. HIGH UPSIDE Jamaica is a world class frontier exploration asset LOW DEBT Company forecast to be debt free during 2024 UK | Waddock Cross update • The Operator has confirmed that plans are progressing to restart production at Waddock Cross LEAN + EFFICIENT Low G&A costs 3#4UNITED OIL & GAS Abu Sennan | Management Presentation EGYPT - RE-FOCUSING THE BUSINESS • The decision to divest away from Egypt was taken due to the worsening economic climate o Significant cash was being lost due to foreign exchange charges when converting from EGP to USD Collecting USD payments from Egypt has been challenging over the last year o United remains in regular discussions with the Egyptian government to ensure all outstanding payments are received and used to settle the outstanding debt This decision free's up management's time to focus on other opportunities in other locations and start to restore shareholder value Further cost savings in head office G&A and management time 4#5UNITED OIL & GAS Walton Morant Licence | Management Presentation WALTON MORANT, JAMAICA - RECAP World-class frontier exploration opportunity Excellent database • Over $40m invested since 2014 Hertford-1 . Modern 2D and 3D seismic in key areas of prospectivity Compelling evidence for a working petroleum system • . Onshore/offshore oil seeps; Shows in all 11 previous wells High-quality source, reservoir, and sealing lithologies all present in the directly analogous onshore Numerous, material, drill-ready prospects identified • 2.4 billion barrels of mean unrisked resource potential across 11 potential targets Drill ready Colibri contains 406 mm barrel recoverable unrisked mean resource potential Positively engaged Government and attractive fiscal terms Standalone success-case NPV for Colibri of $4bn • Success-case breakeven oil price of c. $25 per barrel 1 Unrisked Mean Prospective Resources per GaffneyCline Report, 2020; 22.4Bnbbls is UOG's arithmetic sum of the Unrisked Mean Prospective Resources for each prospect/lead; 3 United calculation based on development concepts by OPC; Definitions: mmbbls - million barrels of oil E Lucea Windsor-1 Retrieve-1 Cockpit-1 Hopewell Content-1 Litchfield Santa Cruz-1 Onshore and offshore oil seeps Portland Rid-1 Litchfield Seep (CGG, 2018) Arawak-1 Blower Rock Pedro Bank-1 LO 5 High quality source and reservoir rock sampled in the onshore WSW ENE Mid Miocene Late Eocene Early Eocene Top Colibri >4,500 m/s <2,500 2km Drill-ready Colibri structure, mapped on good quality 3D seismic, with distinctive, conformable velocity anomaly#6UNITED OIL & GAS Walton Morant Licence | Management Presentation JAMAICA WORK PROGRAMME 2024 World-class exploration opportunity Overview: Hertford Retreive 1 Content 1 Santa Cruz-1 Cockpit-1 Windsor-1 Portland Ridge-1 • • Following 2 year licence extension - the work programme for 2024 was agreed with the Ministry of Science, Energy, Telecommunications and Transport ("MSETT") Appointment of Country Manager to oversee work now complete with Herona Thompson in post Planning underway for the acquisition of a piston core survey to sample trace of hydrocarbon that have naturally leaked to the surface Ongoing dialogue with prospective farm-out partners Colibri 406mmbbls Mapping of Colibri lookalikes on vintage 2D data Thunderball 603 mmbbls Continuing technical work has focused on how we can maximise the existing data-set, and what the potential follow-on would be after an initial exploration success 2.4 Billion barrels unrisked mean prospective resources (2) >406 mmbbls Colibri drill-ready prospect prospective resources (1) $3.9 Billion Standalone success-case NPV for Colibri at $80 oil (3) 1 Unrisked Mean Prospective Resources per GaffneyCline Report, 2020; 22.4Bnbbls is UOG's arithmetic sum of the Unrisked Mean Prospective Resources for each prospect/lead; 3 United calculation based on development concepts by OPC; Definitions: mmbbls - million barrels of oil C D F E High quality reservoir analogues sampled in the onshore 1234567 0 GCA PRR 2020 Prospect/Lead Additional leads Raw xxx 45Km 6 100% equity and operatorship in 22,400km2 licence area 10 15 20 25 30 35 05 10 Optimising 3D seismic data quality ad Out: x#7UNITED OIL & GAS Waddock Cross Licence | Management Presentation UK ONSHORE - HISTORIC FIELD WITH HUGE POTENTIAL UPSIDE 7 • United holds a circa. 26.25% interest in Waddock Cross • oil field, a past producing licence onshore UK The Operator Egdon Resources completed a reservoir modelling work with exciting results o The licence contains a significant Stock Tank Oil Initially in Place (STOIIP) gross volume of 57 mmbbls o A new horizontal well could yield commercial gross oil production of 500-800 bopd and c. 1 mmbbls recovery per well The Operator has confirmed that plans are progressing to restart production at Waddock Cross#8UNITED OIL & GAS Q&A Management presentation | 06 March 2024 WWW.UOGPLC.COM