United Oil & Gas PLC Approval for Transfer of Ownership of UOG Italia (5594H)
April 07 2022 - 2:10AM
UK Regulatory
TIDMUOG
RNS Number : 5594H
United Oil & Gas PLC
07 April 2022
United Oil & Gas PLC / Index: AIM / Epic: UOG / Sector: Oil
& Gas
7 April 2022
United Oil and Gas Plc
("United" "the Group" or the "Company")
Approval for Transfer of Ownership of UOG Italia
United Oil & Gas PLC is pleased to announce that it has
received approval from the Ministry of Ecological Transition
("MITE") in Italy for the transfer of ownership of UOG Italia
S.r.l. to Prospex Energy PLC ("Prospex"). The change of control was
the final condition to be satisfied in the Sale and Purchase
Agreement ("SPA") with Prospex, following the prior satisfaction of
the fundraising condition by Prospex on 23 February 2022.
Completion of the transfer will occur when the deed of transfer
is legally executed and funds are transferred by Prospex to United
to pay for the remainder of the acquisition cost, at which point a
further announcement will be made.
Background
As announced on 10 August 2021, on 9 August 2021 United signed a
conditional SPA with PXOG Marshall Limited, a subsidiary of Prospex
for the sale of 100% of the share capital of UOG Italia Srl with an
effective date of 1 January 2021 for a consideration of
EUR2,164,701. UOG Italia Srl holds a 20% non-operated interest in
the Podere Gallina licence, which contains the Selva gas
development project.
**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).
Enquiries
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)
Roland Cornish | Felicity Geidt +44 (0) 20 7628 3396
Optiva Securities Limited (Joint
Broker)
Christian Dennis +44 (0) 20 3137 1902
Tennyson Securities (Joint Broker)
Peter Krens +44 (0) 020 7186 9030
Camarco (Financial PR)
Billy Clegg | James Crothers | Tessa +44 (0) 20 3757 4983 | 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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END
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