United Oil & Gas PLC - Completion of Acquisition & Re-Admission to AIM
("United" or the "Company")
Completion of the Acquisition of
The Company will be hosting an investor conference call later today (
As previously announced, the consideration for the Acquisition is
· the issue to
· a pre-payment financing structure of
· the issue of 150,616,669 Placing Shares at
Consideration Shares held by Rockhopper in United are subject to certain lock-up and orderly market disposal provisions for a period of up to 12 months from completion.
The Acquisition constituted a reverse takeover under Rule 14 of AIM Rules and accordingly admission to trading on AIM of the Enlarged Ordinary Share Capital of United, comprising 619,153,969 Ordinary Shares of 1p each, is expected to take place at
Abu Sennan Operational Update
United is pleased to provide the following operational update on the Abu Sennan concession in the Western Desert, onshore
· Gross production for the concession has averaged over 7,900 boepd for the first half of
· Following the result of the ASH-2 well, which tested at a maximum gross rate of 7,027 bopd from the Alam El Bueib reservoir at the end of
· El Salmiya-5, the first of four fully-funded infill wells to be drilled in 2020, spudded on the 3rd February. This is targeting multiple reservoirs in a previously undrained area of the El Salmiya field.
· Construction of a gas pipeline on the Al Jahraa field is expected to be completed shortly. On a gross basis, this is expected to bring an additional c. 1,000 boepd of gas onstream.
· United's technical team will now be focussed on supporting the operator (Kuwait Energy Egypt), and the other JV partners in optimising production from the seven producing fields within the concession, and pursuing the significant exploration potential within the licence area.
· United sees significant potential in the 644km2 exploration area of the field, particularly in the deeper reservoirs, as illustrated by the recent success in the Alam El Bueib at ASH-2. The Company is looking forward to working with our new partners to put together an exploration drilling plan targeting the best prospects and aiming to continue the 80% exploration success rate that has been achieved in the licence to date.
· A further 29.4 mmboe of gross unrisked prospective resources (net working interest of 6.46 mmboe) have been identified on the Abu Sennan licence by GCA.
· For as long as Rockhopper holds 10 per cent or more of the entire issued share capital of the company, it is entitled to appoint a non-executive director to the Board and a further announcement will be made in due course.
· United is also pleased to be retaining the Rockhopper country manager, who will provide continuity with both EGPC and the Abu Sennan joint venture partners and will assist the development of our business in
"Completing the Acquisition of Rockhopper Egypt represents a significant milestone in the development of United, establishing the company as a full-cycle E&P company, and putting us in a strong position for further growth.
"At over 1,700 boepd, our 22% share of production at Abu Sennan and the revenues it generates are material. This does not take into account any future growth arising either from the ongoing infill drilling programme at Abu Sennan or the multiple exploration targets that have been independently estimated to hold gross unrisked prospective resources of 29.4 mmboe. Production has increased significantly over the last 12 months, reaching 7,900 boepd in
"With drilling now underway at El Salmiya 5, the first well in the fully funded 2020 infill programme in
Management will be hosting an investor conference call today, on 28th
To participate in this conference call, please dial in +44 20 3655 9680 and enter participant pin 1348408# when prompted to do so.
All lines will be muted with the exception of Company management, however the Company will be conducting a Q&A session at the end of the call. No new material trading, financial or other information will be disclosed during the investor call.
Additionally, shareholders are invited to submit questions and ahead of the call via email. Questions should be sent to [email protected]
Total Voting Rights
As at the date of this announcement, the Company's issued ordinary share capital consists of 619,153,969 ordinary shares of 1p each, with voting rights. The Company does not hold any shares in
Therefore, the total number of voting rights is 619,153,969 and this figure may be used by shareholders as the denominator for the calculation by which they may determine if they are required to notify their interest in, or change to their interest in, the Company under the
Defined terms used in this announcement have the meanings ascribed to them in the Admission Document unless otherwise defined.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").
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+44 (0) 20 7628 3396
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+44 (0) 20 3137 1902
Cenkos Securities Plc (Joint Broker)
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+44 (0) 20 7397 8900
+44 (0) 131 220 6939
Murray (PR Advisor)
+353 (0) 87 6909735
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+44 (0) 207 236 1177
This information is provided by RNS, the news service of the
Quick facts: United Oil & Gas PLC
Market Cap: £12.07 m
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