REG - Rockhopper Exp plc - Disposal of shareholding in UOG

Rockhopper ExplorationAnnouncement

27/08/2020 17:00

RNS Number : 3769X
  
Rockhopper Exploration plc
  
27 August 2020
  
 

27 August 2020
Rockhopper Exploration plc
("Rockhopper or the "Company")
 
Disposal of shareholding in United Oil & Gas plc
 
Rockhopper Exploration plc (AIM: RKH), the oil and gas exploration and production company with key interests in the North Falkland Basin, is pleased to announce the disposal of its entire shareholding in United Oil & Gas plc ("United").
 
The transaction involves the sale of 114,503,817 ordinary shares in United at a disposal price of 2.66 pence per share for total gross proceeds of approximately £3.0 million (approximately US$4.0 million). The disposal price represents a 6.7 per cent discount to yesterday's closing price of United's shares.   
 
The sale proceeds will be used to strengthen the Company's balance sheet.
 
Sam Moody, Chief Executive Officer, commented:
 
"The monetisation of our entire shareholding in United after a short holding period of under six months strengthens our balance sheet at a particularly challenging time for the sector. It also crystallises a strong cash return of $15.5 million from an original investment of $11.9 million four years ago, which has also generated $4 million of free cash flow during our period of ownership."
 
Enquiries:
 
Rockhopper Exploration plc
Sam Moody - Chief Executive Officer
Stewart MacDonald - Chief Financial Officer
Tel. +44 (0) 20 7390 0234 (via Vigo Communications)
 
Canaccord Genuity Limited (NOMAD and Joint Broker)
Henry Fitzgerald-O'Connor/James Asensio
Tel. +44 (0) 20 7523 8000
 
Peel Hunt LLP (Joint Broker)
Richard Crichton
Tel. +44 (0) 20 7418 8900
 
Vigo Communications
Patrick d'Ancona/Ben Simons
Tel. +44 (0) 20 7390 0234
 
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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