Client News

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

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