REG - Rockhopper Exp plc United Oil & Gas PLC - Completion of disposal of Rockhopper Egypt Pty Ltd

Rockhopper ExplorationAnnouncement

28/02/2020 07:00

RNS Number : 4208E
  
Rockhopper Exploration plc
  
28 February 2020
  
 

28 February 2020
 
Rockhopper Exploration plc
("Rockhopper" or the "Company")
 
Completion of disposal of Rockhopper Egypt Pty Limited
 
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 that following satisfaction of the requisite conditions precedent, the disposal of Rockhopper Egypt Pty Limited to United Oil and Gas plc ("United") has now completed.
 
As previously announced, the US$16.0 million consideration payable to Rockhopper under the transaction comprises:
·    cash of $11.5 million; and
·  the issue of 114,503,817 Consideration Shares (at an issue price of 3 pence) representing approximately 18.5% of United's enlarged ordinary share capital.
 
Consideration Shares held by Rockhopper in United are subject to certain lock-up and orderly market disposal provisions for a period of up to 12 months from completion.
 
It is anticipated that Stewart MacDonald, Rockhopper's Chief Financial Officer, will be appointed as a non-executive director of United.
 
Hannam & Partners acted as financial adviser to Rockhopper in relation to this Transaction.
 
 
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
 
 


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