Client NewsUnited Oil & Gas PLC – UOG Rockhopper Acquisition & Conditional Fundraise
United Oil & Gas PLC (‘United’ or ‘UOG’ or ‘the Company’)
Publication of Admission Document, Restoration of Trading, Conditional Fundraise, Update on Rockhopper Acquisition and Notice of General Meeting
- Publication of Admission Document relating to proposed acquisition by United of Rockhopper Egypt Pty Ltd (“Rockhopper Egypt”) for consideration of US$16 million with an effective date of 1st January 2019
- Rockhopper Egypt holds a 22% non-operated interest in the producing Abu Sennan concession; which on completion will deliver:
- c. 1,100 boepd net low-cost production with 2.66 million boe net working interest 2P Reserves at mid-2019 to United plus infill and exploration upside
- exposure to ongoing low risk development and appraisal well programme focused on scaling up production and adding reserves – gross production levels have increased to c. 5,000 boepd from 4,000 boepd at the start of 2019
- Temporary suspension of trading in the Company’s Ordinary Shares expected to be lifted at 7.30 a.m. today, 9 December 2019
- Conditional issue of equity to raise US$6.25 million (approximately £4.8 million) gross by the issue of 159,036,167 new Ordinary Shares in United at a price of 3 pence per Ordinary Share as part of funding package for the acquisition which also includes:
- a prepayment financing structure of up to US$ 8million provided by the BP Group
- the issue of 114,503,817 million new ordinary shares (US$4.5 million) to Rockhopper Exploration PLC, which are subject to certain lock-up and orderly market disposal provisions for up to a period of 12 months from completion.
- Admission Document posted on Friday, 6th December 2019 to Shareholders convening a General Meeting to be held at 10.00 a.m. (UK time) on 23 December 2019 at 200 Strand, London WC2R 1DJ to approve Rockhopper Acquisition
OPEN AN ACCOUNT
If you are interested in opening an account with Optiva Securities, please fill in the details on the apply button.
Please ensure that the information you entered is accurate, and that your “Caps Lock” key is set correctly.