United Oil & Gas PLC Corporate and Jamaica update (3942U)

TIDMUOG

RNS Number : 3942U

United Oil & Gas PLC

23 November 2023

United Oil & Gas PLC / Index: AIM / Epic: UOG / Sector: Oil & Gas

23 November 2023

United Oil & Gas plc

("United" or "the Company")

Corporate and Jamaica update

United Oil & Gas Plc (AIM: "UOG"), the full-cycle oil and gas company with a portfolio of production, development, exploration and appraisal assets , issues the following Corporate and Jamaica update.

Corporate Update

The Company is pleased to announce that Simon Brett has been appointed Interim Chief Financial Officer (non board appointment) and Company Secretary, effective immediately. Simon brings a wealth of sectoral and public market experience having worked fourteen years in Barryroe Offshore Energy plc ("Barryroe") in a senior executive position and latterly ten years as CFO. Before Barryroe, Simon held senior finance positions with Coca Cola Bottlers Ireland Limited, USC Europe Limited and Sega Europe Limited. The Company has commenced a selection process for a permanent CFO with a permanent appointment to be made in due course. Peter Dunne will step down from the Board on 15(th) December and will leave the Company effective 31(st) December in order to take up the position of Chief Financial Officer of daa plc, as previously announced.

Jamaica Update

Further to the announcement of 9(th) November, the Company has been informed by the counterparty that had been identified as a preferred potential partner, that they no longer wish to pursue further discussions in relation to participation in the Walton Morant Licence. The Company will now focus on the recent positive interest that has been shown by other parties in potentially participating in this high impact exploration opportunity and United and our advisors will continue in our efforts to secure a partner. The Board believes that the renewed interest in exploration opportunities worldwide which is being driven by the strong future demand for oil and gas, will support our farmout efforts.

The Company continues to engage with the Jamaican authorities to secure an extension to the current licence period which expires at the end of January 2024, with a negotiated work programme that comprises additional technical work that would further de-risk the licence prior to the drilling of the exploration well. This work is aimed at materially enhancing the risked value of the Company's interest in the Licence. Additional updates on both the farmout process and licence extension will be provided in due course.

United Chief Executive Officer, Brian Larkin commented:

"Although the potential partner that we had been in discussions with for a number of months has taken the decision to withdraw from the process at this time, we remain committed to delivering value from this potentially high impact exploration opportunity. Our efforts are now firmly focussed on the other parties that we have engaged positively with through our process with a view to securing a partner for United to take this project forward, in parallel to securing an extension to the current phase the licence."

I welcome the interim appointment of Simon as CFO to the company. His appointment provides the company with the expertise and knowledge over the coming months whilst we carry out a rigorous selection process for this critical executive position."

END

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 
 
 
 Beaumont Cornish Limited (Nominated 
  Adviser) 
 Roland Cornish | Felicity Geidt 
  | Asia Szusciak                         +44 (0) 20 7628 3396 
 
   Tennyson Securities (Joint Broker) 
 Peter Krens                              +44 (0) 020 7186 9030 
 
   Optiva Securities Limited (Joint 
   Broker) 
 Christian Dennis                         +44 (0) 20 3137 1902 
 
 Camarco (Financial PR) 
 Andrew Turner | Emily Hall | 
  Sam Morris                              +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, 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

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

UPDPPGRCGUPWPPP

(END) Dow Jones Newswires

November 23, 2023 02:00 ET (07:00 GMT)

United Oil & Gas (LSE:UOG)
Historical Stock Chart
From Jan 2025 to Feb 2025