United Oil & Gas PLC United welcomes new investors - RKH shares placed (3770X)
August 27 2020 - 12:00PM
UK Regulatory
TIDMUOG
RNS Number : 3770X
United Oil & Gas PLC
27 August 2020
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.
United Oil and Gas Plc
("United" or, "the Company")
27 August 2020
United welcomes new investors as Rockhopper shares placed
United Oil & Gas PLC (AIM: "UOG"), the growing oil and gas
company with a portfolio of production, development, exploration
and appraisal assets is pleased to announce the successful placing
of Rockhopper Exploration plc ("Rockhopper") 18.3% shareholding in
United, with a small number of institutional investors and one
private investor.
As announced on 28(th) 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.
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.
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. 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 wells tested at
high oil rates after drilling and are now already on
production.
As a result of the placing, Rockhopper no longer has any
interest in the Company's issued share capital and accordingly Mr.
Stewart MacDonald, Rockhopper's representative, will step down from
the Board of United immediately.
United Oil and Gas CEO Brian Larkin commented:
"I would like to thank our existing and new shareholders for
their support. We are delighted to have attracted such strong
support from institutional and private investors at a time of
relative uncertainty within our sector; a clear vote of confidence
in our assets, our executive team and in our business model.
"Today's oversubscribed placing strengthens the Company's
shareholder base considerably with the introduction of
institutional investors onto United's register.
"I would like to thank Rockhopper for their support and for the
important role they played in facilitating our transformational
acquisition of Rockhopper Egypt. They have been an excellent
partner and enabled United to achieve this orderly transition. I
would also like to thank Mr. Stewart MacDonald for his contribution
to our Board."
ENDS
United Oil & Gas Plc (Company)
Brian Larkin, CEO brian.larkin@uogplc.com
Beaumont Cornish Limited (Nominated
Adviser)
Roland Cornish and Felicity Geidt +44 (0) 20 7628 3396
Optiva Securities Limited (Joint Broker)
Christian Dennis +44 (0) 20 3137 1902
Cenkos Securities Plc (Joint Broker)
Joe Nally (Corporate Broking) +44 (0) 20 7397 8900
Derrick Lee and Pete Lynch +44 (0) 131 220 6939
Murray (PR Advisor) +353 (0) 87 6909735
Joe Heron jheron@murrayconsultants.ie
Camarco (Financial PR/IR)
Billy Clegg
Georgia Edmonds
James Crothers +44 (0) 20 3757 4983
Notes to Editors
United Oil & Gas is a high growth oil and gas company with a
portfolio of low-risk, cash generative production and development
assets across Egypt, UK, Italy and a high impact exploration
licence in Jamaica.
Led by an experienced management team with a strong track record
of growing full cycle businesses and partnered with established
industry players, the Company is well positioned to deliver future
growth through portfolio optimisation and targeted
acquisitions.
United Oil & Gas is listed on the AIM market of the London
Stock Exchange. For further information on United Oil and Gas
please visit https://www.uogplc.com/
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END
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