Business
Approval for Transfer of Ownership of UOG Italia
Approval for Transfer of Ownership of UOG Italia.
About this update from United Oil & Gas Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 5594H\n United Oil & Gas PLC\n 07 April 2022\n \n \n \n \n United Oil & Gas PLC / Index: AIM / Epic: UOG / Sector: Oil & Gas\n \n \n 7 April 2022\n \n \n United Oil and Gas Plc \n \n \n (\"United\" \"the Group\" or the \"Company\")\n \n \n \n \n \n Approval for Transfer of Ownership of UOG Italia\n \n \n \n \n \n United Oil & Gas PLC is pleased to announce that it has received approval \n from the Ministry of Ecological Transition (\"MITE\") in Italy \n for the transfer of ownership of UOG Italia S.r.l. to Prospex Energy PLC (\"Prospex\"). \n The change of control was the final condition to be satisfied in the Sale and Purchase Agreement (\"SPA\") with Prospex, following the prior satisfaction of the fundraising condition by Prospex on 23 February 2022. \n \n \n \n \n \n Completion of the transfer will occur when the deed of transfer is legally executed and funds are transferred by Prospex to United to pay for the remainder of the acquisition cost, at which point a further announcement will be made.\n \n \n \n \n \n Background\n \n \n As announced on 10 August 2021, on 9 August 2021 United signed a conditional SPA with PXOG Marshall Limited, a subsidiary of Prospex for the sale of 100% of the share capital of UOG Italia Srl with an effective date of 1 January 2021 for a consideration of 2,164,701. \n UOG Italia Srl holds a 20% non-operated interest in the Podere Gallina licence, which contains the Selva gas development project.\n \n \n \n \n \n **ENDS**\n \n \n \n \n \n This announcement contains inside information for the purposes of Article 7 of Regulation 2014/596/EU which is part of domestic UK law pursuant to the Market Abuse (Amendment) (EU Exit) regulations (SI 2019/310).\n \n \n \n \n \n \n \n \n \n \n \n Enquiries\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n United Oil & Gas Plc (Company)\n \n \n \n \n \n \n \n \n \n \n \n \n \n Brian Larkin, CEO\n \n \n \n \n \n \n [email protected]\n \n \n \n \n \n \n \n \n Sharan Dhami, Head of IR & ESG\n \n \n \n \n \n \n [email protected]\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Beaumont Cornish Limited (Nominated Adviser)\n \n \n \n \n \n \n \n \n \n \n \n \n \n Roland Cornish | Felicity Geidt\...