Business
Intended Acquisition and Suspension of Trading
Intended Acquisition and Suspension of Trading.
About this update from United Oil & Gas Plc
[{"type":"text","content":"\n \nRNS Number : 5233E Senterra Energy PLC 09 May 2017 \n\nFor immediate release 9 May 2017\n \n \nSenterra Energy plc\n \n(\"Senterra\", \"Senterra Energy\" or the \"Company\")\n \nIntended Acquisition \nand \nSuspension of Trading\n \nThe Directors of Senterra Energy are pleased to inform shareholders that the Company has signed heads of terms to acquire the entire issued share capital of UOG Holdings Plc (\"UOG\"), an independent oil and gas company.\n \nPursuant to the acquisition (the \"Acquisition\") Senterra will issue ordinary shares of £0.01 each in the capital of Senterra to the shareholders of UOG (\"Consideration Shares\"). The value of each Consideration Share will be a sum equal to the subscription price at which additional ordinary shares of £0.01 are issued by Senterra by way of a placing at re-admission. The Directors are pleased that the Acquisition will represent an investment in the sector contemplated at the time of the admission of Senterra's shares as a standard listing to trading on the London Stock Exchange's Main Market in November 2015.\nAbout UOG\nUOG is building up a portfolio of assets with near term activity.\nBased in Dublin, Ireland, UOG is led by Brian Larkin (CEO) and Dr. Jonathan Leather (Technical Director) who are a former Tullow Oil Plc team. UOG is a privately-owned oil and gas exploration company that was established to acquire non-core oil and gas licences from larger oil and gas companies, with the goal of being an active partner to unlock previously untapped value.\nUOG is primarily focusi...