Business
Receipt of Egyptian Receivables of $1 million USD
Receipt of Egyptian Receivables of $1 million USD.
About this update from United Oil & Gas Plc
[{"type":"text","content":"\n\nUnited Oil & Gas PLC / Index: AIM / Epic: UOG / Sector: Oil & Gas\n \n16 April 2024\nUnited Oil & Gas plc\n(\"United\" or \"the Company\")\nReceipt of Egyptian Receivables of $1 million in USD\n \n \nUnited 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 an update in relation to Egyptian receivables.\n \nUnited has received a payment from Egyptian General Petroleum Corporation (\"EGPC\") for USD $1 million. These funds will be used to extinguish the debt and leave the Company debt free while the paperwork to withdraw from Abu Sennan concession is finalised.\n \nThe remaining receivable balance is the equivalent of c. USD $0.5 million and is anticipated to be received over the coming months.\n \nA further update on the completion of the settlement of the debt will be made shortly.\n \n \nUnited Chief Executive Officer, Brian Larkin commented:\n \n\"We are pleased to have received the funds from EGPC as this enables us to settle our debt and move the business forward, focusing on our key assets of Jamaica and Waddock Cross.\nWe will finalise settlement with our debt provider and issue a further update to shareholders shortly.\"\n \nEND\n \n \nThis announcement contains inside information for the purposes of Article 7 of Regulation 2014/596/EU which is part of domestic UK law\n pursuant to the Market Abuse (Amendment) (EU Exit) regulations (SI 2019/310).\n \n \n \n \n\n\n\n\nEnquiries\n\n\n\n\n\n\n\n\n\n\nUnited Oil & Gas Plc (Company)\n\n\n\n\n\n\n\n\n\n\nBrian Larkin, CEO\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\n\nBeaumont Cornish Limited (Nominated Adviser)\n\n\n\n\n\n\n\n\n\n\nRoland Cornish | Felicity Geidt | Asia Szusciak\n\n\n\n\n\n+44 (0) 20 7628 3396\n\n\n\n\n \nTennyson Securities (Joint Broker)\n\n\n\n\n\n\n\n\n\n\nPeter Krens\n\n\n\n\n\n+44 (0) 20 7186 9030\n\n\n\n\n \nOptiva Securities Limited (Joint Broker)\n\n\n\n\n\n\n\n\n\n\nChristian Dennis\n\n\n\n\n\n+44 (0) 20 3137 1902\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nCamarco (Financial PR)\n\n\n\n\n\n\n\n\n\n\nAndrew Turner | Emily Hall | Sam Morris\n\n\n\n\n\n+4...