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United Oil & Gas notes Rockhopper update on Abu Sennan concession following acquisition agreement

In July, United unveiled a US$16mln deal to acquire Rockhopper’s 22% stake in Abu Sennan

United Oil & Gas PLC - United Oil & Gas notes Rockhopper update on Abu Sennan concession following acquisition agreement
Current production at Abu Sennan is around 5,100 barrels of oil per day

United Oil & Gas PLC (LON:UOG) has noted an update on the Abu Sennan concession in Egypt from Rockhopper Exploration PLC (LON:RKH), from which it is acquiring a 22% stake in the project.
AIM-listed Rockhopper said on Wednesday that a series of well tests had begun at the Abu Roash-E and Bahariya reservoirs, while a third field development well, Al Jahraa-12, was currently being drilled to appraise the Abu Roash-C downdip of the Al Jahraa-3 well and would also explore the potential of the Bahariya reservoirs. This was expected to take 55 days to complete.
READ: United Oil & Gas set to buy Rockhopper Exploration Plc’s Egypt assets for US$16mln
The company added that current production from Abu Sennan was around 5,100 barrels of oil equivalent per day (boepd), with its 22% working interest netting it around 1,120 boepd of the total.
The results are relevant to United, which on 23 July unveiled a US$16mln deal to acquire Rockhopper’s stake in Abu Sennan.
United will fund the deal partially with a financing deal with BP, which will provide US$8mln, along with a share placing to investors and a potential US$5mln issue of equity to Rockhopper.
United’s shares were suspended the day the acquisition was announced and currently stand at around 4p. Meanwhile, Rockhopper’s shares were 1.4% lower at 19.7p in lunchtime trading.

Quick facts: United Oil & Gas PLC

Price: 3.675 GBX

Market: AIM
Market Cap: £12.7 m

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