Business
Completion of Acquisition & Re-Admission to AIM
Completion of Acquisition & Re-Admission to AIM.
About this update from United Oil & Gas Plc
[{"type":"text","content":"\n \n \n RNS Number : 4217E\n United Oil & Gas PLC\n 28 February 2020\n \n \n \n \n United Oil & Gas PLC / Index: AIM / Epic: UOG / Sector: Oil & Gas\n \n \n 28 February 2020\n \n \n United Oil & Gas PLC\n \n \n (\"United\" or the \"Company\")\n \n \n \n \n \n Completion of the Acquisition of Rockhopper Egypt Pty Ltd, Re-Admission to AIM, Abu Sennan Operational Update & Shareholder Call\n \n \n \n \n \n United Oil & Gas Plc (AIM: \"UOG\"), the AIM listed oil and gas exploration, development and production company, is pleased to announce that it has completed the acquisition of Rockhopper Egypt Pty Ltd. (\"the Acquisition\") from Rockhopper Exploration plc (\"Rockhopper\"). The Acquisition, which has an effective date of 1st January 2019, includes a 22% non-operating interest in the producing Abu Sennan concession, onshore Egypt, where production averaged 7,900 boepd in the first half of February 2020 (over 1,700 boepd to United's net working interest).\n \n \n The Company will be hosting an investor conference call later today (28th February 2020) at 12pm during which management will discuss the completion of the acquisition and offer investors an opportunity to ask questions regarding the transaction and the Company's future plans.\n \n \n As previously announced, the consideration for the Acquisition is US$16 million (approximately £12.2 million) which is being funded by:\n \n \n ·\n the issue to Rockhopper PLC of 114,503,817 Consideration Shares at 3 pence per Ordinary Share representing 18.5% of the Company's Enlarged Ordinary Share Capital, \n \n \n · \n a pre-payment financing structure of US$8 million provided by BP ('the BP Facility') and\n \n \n · \n the issue of 150,616,669 Placing Shares at 3 pence per share with certain existing and new investors and 8,419,498 Subscription Shares also at 3 pence per share.\n \n \n Consideration Shares held by Rockhopper in United are subject to certain lock-up and orderly market disposal provisions for a period of up to 12 months from completion.\n \n \n The Acquisition constituted \n a reverse takeover under Rule 14 of AIM Rules and accordingly admission to trading on AIM of the Enlarged Ordinary Share Capital of United, comprising 619,153,969 Ordinary Shares of 1p each, is expected to take place at 8.00 a.m. today. \n \n \n \n \n \n A...