Business
United welcomes new investors - RKH shares placed
United welcomes new investors - RKH shares placed.
About this update from United Oil & Gas Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 3770X\n United Oil & Gas PLC\n 27 August 2020\n \n \n \n \n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET ABUSE REGULATION (EU NO. 596/2014) (\"MAR\"). IN ADDITION, MARKET SOUNDINGS (AS DEFINED IN MAR) WERE TAKEN IN RESPECT OF CERTAIN OF THE MATTERS CONTAINED IN THIS ANNOUNCEMENT, WITH THE RESULT THAT CERTAIN PERSONS BECAME AWARE OF SUCH INSIDE INFORMATION, AS PERMITTED BY MAR. UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN AND SUCH PERSONS SHALL THEREFORE CEASE TO BE IN POSSESSION OF INSIDE INFORMATION.\n \n \n United Oil and Gas Plc \n \n \n (\"United\" or, \"the Company\")\n \n \n 27 August 2020\n \n \n United welcomes new investors as Rockhopper shares placed\n \n \n \n \n \n United Oil & Gas PLC (AIM: \"UOG\"), \n the growing oil and gas company with a portfolio of production, development, exploration and appraisal assets \n is pleased to announce the successful placing of \n Rockhopper Exploration plc (\"Rockhopper\") 18.3% shareholding in United, with a small number of institutional investors and one private investor. \n \n \n As announced on 28th February 2020, the consideration for United's acquisition of Rockhopper Egypt Pty Ltd., was part financed by the issue of 114,503,817 new ordinary shares (\"the Consideration Shares\") to Rockhopper, representing approximately 18.5% of United's enlarged ordinary share capital at the time. This shareholding was subject to certain lock-up and orderly market disposal for a period of up to 12 months. \n \n \n Following an investor roadshow undertaken by management in recent days, United confirms that via its Brokers it has placed the Consideration Shares with a small number of institutional investors and one private investor in an oversubscribed placing.\n \n \n The acquisition of Rockhopper Egypt Pty Ltd., which includes a 22% non-operating interest in the Abu Sennan concession onshore Egypt, was transformational for United delivering the Company 2P reserves of 2.97 MMBOE. \n The Company's first drilling campaign on Abu Sennan was highly successful and resulted in the discovery of 50m of net oil pay in the ASH-2 well and a further discovery of over 120m of net oil pay in the ES-5 well. Both...