United Oil & Gas PLC Completion of sale - Italian asset (8803H)
April 11 2022 - 2:01AM
UK Regulatory
TIDMUOG
RNS Number : 8803H
United Oil & Gas PLC
11 April 2022
United Oil & Gas PLC / Index: AIM / Epic: UOG / Sector: Oil
& Gas
11 April 2022
United Oil and Gas Plc
("United" "the Group" or the "Company")
Completion of sale - Italian asset
Further to the announcements of 7 April 2022 and 10 August 2021
United Oil & Gas PLC is pleased to announce that the sale of
100% of the share capital of UOG Italia Srl to PXOG Marshall
Limited, a subsidiary of Prospex Energy PLC for a consideration of
EUR2,164,701 has now completed, having received the final approvals
from the Italian Authorities. UOG Italia Srl holds a 20%
non-operated interest in the Podere Gallina licence, which contains
the Selva gas development project.
United has received the completion payment of EUR2,190,966,
which is the balance of the consideration plus a working capital
adjustment from the effective date of EUR134,500 less the deposit
of EUR108,235 which was received on 10 August 2021.
Completion of the transaction means that United will exit
activities in Italy and therefore will no longer be liable for its
share of the Selva gas development capital expenditure of
approximately EUR800,000.
The proceeds from this transaction and the other portfolio
management initiatives further strengthens the balance sheet. This
combined with higher oil prices, means that United is well placed
to capitalise on building scale through its current portfolio and
new business opportunities.
United's Chief Executive Officer, Brian Larkin commented:
"We are pleased to have completed the sale of the Italian asset
with our joint venture partner on the licence, Prospex Energy. The
proceeds of this transaction along with other divestments
strengthen our balance sheet to support our growth strategy. We
have re-focused our portfolio on our core areas which provides us
with a platform for organic growth and also a base from which we
can evaluate further growth opportunities in 2022 and beyond. We
wish Prospex Energy and all stakeholders of the Selva project well
during its development".
**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 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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