REG - United Oil & Gas PLC - Completion of Egypt Withdrawal

United Oil & GasAnnouncement

31/10/2024 12:15

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20241031:nRSe4447Ka&default-theme=true

RNS Number : 4447K  United Oil & Gas PLC  31 October 2024

  United Oil & Gas PLC / Index: AIM / Epic: UOG / Sector: Oil & Gas

 

31 October 2024

United Oil & Gas plc

("United" or "the Company")

 

Completion of Egypt Withdrawal

 

United Oil & Gas Plc (AIM: "UOG"), the oil and gas company with a high
impact exploration asset in Jamaica and a development asset in the UK is
pleased to announce the completion of its withdrawal from Egypt.

 

Abu Sennan Withdrawal

 

The Company has successfully completed all the paperwork to fully withdraw
from its 22% stake in the Abu Sennan Concession effective 1 January 2024.
Completion of this withdrawal remains contingent on obtaining formal approvals
from the Egyptian General Petroleum Corporation ("EGPC") and the Minister for
the Deed of Assignment which should be received in due course.

 

In satisfaction of outstanding cash calls related to the concession, United
has agreed to transfer to the non-defaulting parties of Kuwait Energy Egypt
Limited ("Kuwait Energy") and Global Connect LTD ("Global Connect") USD
$220,000 from its receivables balance of approximately USD $840,000 due from
EGPC.

 

Receivables Balance Update

 

Following final reconciliation of working capital in connection with the
licence withdrawal, the remaining receivables balance due to the Company has
been revised upwards from the previously announced figure equivalent to c. USD
$500,000 (as per the 16 April 2024 update RNS) to approximately USD $840,000.
Following the settlement transfer of USD $220,000 to Kuwait Energy and Global
Connect, United will receive a net amount of approximately USD $620,000.
 United continues to engage positively with the EGPC with regards to recovery
of these outstanding amounts.

 

The completion of the Egypt withdrawal enables the Company to fully
concentrate on advancing its core projects, particularly the Jamaican work
programme and ongoing farmout process.

 

 

Brian Larkin, United Chief Executive Officer commented:

"We are pleased to have reached an agreement with Kuwait Energy and Global
Connect, allowing us to withdraw from the Abu Senna concession. Our continued
discussions with EGPC regarding to the outstanding receivables are also
encouraging, and we expect resolution shortly. We wish our former Join Venture
partners all the best in their future endeavours.

"We can now focus our efforts on growth opportunities, particularly in
Jamaica. Our Farmout discussions are progressing well, and our team is making
excellent headway with selected parties. We look forward to providing further
updates to shareholders shortly."

 

**ENDS**

 

 

 

 

 

 Enquiries
 United Oil & Gas Plc (Company)
 Brian Larkin, CEO                                      brian.larkin@uogplc.com

 Beaumont Cornish Limited (Nominated Adviser)
 Roland Cornish | Felicity Geidt | Asia Szusciak        +44 (0) 20 7628 3396

 Tennyson Securities (Joint Broker)
 Peter Krens                                            +44 (0) 20 7186 9030

 Optiva Securities Limited (Joint Broker)
 Christian Dennis                                       +44 (0) 20 3137 1902

 Shard Capital Limited (Joint Broker)                   +44 (0) 207 186 9900

 Damon Heath | Isabella Pierre

 Camarco (Financial PR)
 Georgia Edmonds | Emily Hall | Sam Morris              +44 (0) 20 3757 4980

This announcement contains inside information for the purposes of Article 7 of
Regulation 2014/596/EU which is part of domestic UK law pursuant to the Market
Abuse (Amendment) (EU Exit) regulations (SI 2019/310).

 

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated
Adviser and is authorised and regulated by the FCA. Beaumont Cornish's
responsibilities as the Company's Nominated Adviser, including a
responsibility to advise and guide the Company on its responsibilities under
the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed
solely to the London Stock Exchange. Beaumont Cornish is not acting for and
will not be responsible to any other persons for providing protections
afforded to customers of Beaumont Cornish nor for advising them in relation to
the proposed arrangements described in this announcement or any matter
referred to in it.

 

 

 

Notes to Editors

United Oil & Gas is an oil and gas company with a development asset in
the UK and a high impact exploration licence in Jamaica.

 

The business is led by an experienced management team with a strong track
record of growing full cycle businesses, partnered with established industry
players and is well positioned to deliver future growth through portfolio
optimisation and targeted acquisitions.

United Oil & Gas is listed on the AIM market of the London Stock
Exchange. For further information on United Oil and Gas please
visit www.uogplc.com (http://www.uogplc.com)

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDUARURSVUROAA