Client NewsUnited Oil and Gas plc: Agreement of Crown Disposal Milestone Payment
Further to its announcements of 27 January 2022, 4 October 2021, 4 December 2020 and 12 December 2019, United Oil & Gas PLC (AIM: “UOG”), the growing oil and gas company, is pleased to announce that a confidential settlement agreement (“Settlement Agreement”) has been signed on 23 March 2022 between Anasuria Hibiscus UK Ltd. (”AHUK”) and United for the Crown disposal milestone payment.
AHUK has agreed to pay United a total of US$2,500,000 (payable in three instalments between the date of the Settlement Agreement and 29 December 2022) in full and final settlement of the matter. Subject to the receipt by United of the full sum of US$2,500,000 from AHUK, this will bring an end to the matter and no further amounts will be due to United from AHUK in connection with the sale of Licence P2366.
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