United Oil & Gas PLC AGREEMENT OF CROWN DISPOSAL MILESTONE PAYMENT (7704F)
March 23 2022 - 7:54AM
UK Regulatory
TIDMUOG
RNS Number : 7704F
United Oil & Gas PLC
23 March 2022
United Oil & Gas PLC / Index: AIM / Epic: UOG / Sector: Oil
& Gas
23 March 2022
United Oil and Gas plc
("United" or "the Company")
agreement of crown disposal milestone payment
Further to its announcements of 27 January 2022, 4 October 2021,
4 December 2020 and 12 December 2019, United Oil & Gas PLC
(AIM: "UOG"), the growing oil and gas company, is pleased to
announce that a confidential settlement agreement ("Settlement
Agreement") has been signed on 23 March 2022 between Anasuria
Hibiscus UK Ltd. ("AHUK") and United for the Crown disposal
milestone payment.
AHUK has agreed to pay United a total of US$2,500,000 (payable
in three instalments between the date of the Settlement Agreement
and 29 December 2022) in full and final settlement of the matter.
Subject to the receipt by United of the full sum of US$2,500,000
from AHUK, this will bring an end to the matter and no further
amounts will be due to United from AHUK in connection with the sale
of Licence P2366.
**ENDS**
This announcement contains inside information for the purposes
of Article 7 of Regulation 2014/596/EU which is part of domestic UK
law pursuant to the Market Abuse (Amendment) (EU Exit) regulations
(SI 2019/310).
United Oil & Gas Plc (Company)
Brian Larkin, CEO brian.larkin@uogplc.com
Sharan Dhami, Head of IR & ESG sharan.dhami@uogplc.com
Beaumont Cornish Limited (Nominated
Adviser) +44 (0) 20 7628 3396
Roland Cornish and Felicity Geidt
Optiva Securities Limited (Joint
Broker) +44 (0) 20 3137 1902
Christian Dennis
Tennyson Securities (Joint Broker) +44 (0) 020 7186 9030
Peter Krens
Camarco (Financial PR) +44 (0) 20 3757 4983
Billy Clegg | James Crothers | Tessa uog@camarco.co.uk
Gough-Allen
Notes to Editors
United Oil & Gas is a high growth oil and gas company with a
portfolio of low-risk, cash generative production, development,
appraisal and exploration assets across Egypt, UK, Italy and a high
impact exploration licence in Jamaica.
The business is led by an experienced management team with a
strong track record of growing full cycle businesses, partnered
with established industry players and 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 www.uogplc.com
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