REG - United Oil & Gas PLC - Corporate and Jamaica update

United Oil & GasAnnouncement

23/11/2023 07:00

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RNS Number : 3942U  United Oil & Gas PLC  23 November 2023

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

 

23 November 2023

United Oil & Gas plc

("United" or "the Company")

Corporate and Jamaica update

 

United Oil & Gas Plc (AIM: "UOG"), the full-cycle oil and gas company
with a portfolio of production, development, exploration and appraisal assets,
issues the following Corporate and Jamaica update.

 

Corporate Update

 

The Company is pleased to announce that Simon Brett has been appointed Interim
Chief Financial Officer (non board appointment) and Company Secretary,
effective immediately. Simon brings a wealth of sectoral and public market
experience having worked fourteen years in Barryroe Offshore Energy plc
("Barryroe") in a senior executive position and latterly ten years as CFO.
Before Barryroe, Simon held senior finance positions with Coca Cola Bottlers
Ireland Limited, USC Europe Limited and Sega Europe Limited. The Company has
commenced a selection process for a permanent CFO with a permanent appointment
to be made in due course. Peter Dunne will step down from the Board on 15(th)
December and will leave the Company effective 31(st) December in order to take
up the position of Chief Financial Officer of daa plc, as previously
announced.

 

Jamaica Update

 

Further to the announcement of 9(th) November, the Company has been informed
by the counterparty that had been identified as a preferred potential partner,
that they no longer wish to pursue further discussions in relation to
participation in the Walton Morant Licence. The Company will now focus on the
recent positive interest that has been shown by other parties in potentially
participating in this high impact exploration opportunity and United and our
advisors will continue in our efforts to secure a partner. The Board believes
that the renewed interest in exploration opportunities worldwide which is
being driven by the strong future demand for oil and gas, will support our
farmout efforts.

 

The Company continues to engage with the Jamaican authorities to secure an
extension to the current licence period which expires at the end of January
2024, with a negotiated work programme that comprises additional technical
work that would further de-risk the licence prior to the drilling of the
exploration well. This work is aimed at materially enhancing the risked value
of the Company's interest in the Licence. Additional updates on both the
farmout process and licence extension will be provided in due course.

 

 

United Chief Executive Officer, Brian Larkin commented:

 

"Although the potential partner that we had been in discussions with for a
number of months has taken the decision to withdraw from the process at this
time, we remain committed to delivering value from this potentially high
impact exploration opportunity. Our efforts are now firmly focussed on the
other parties that we have engaged positively with through our process with a
view to securing a partner for United to take this project forward, in
parallel to securing an extension to the current phase the licence."

 

I welcome the interim appointment of Simon as CFO to the company. His
appointment provides the company with the expertise and knowledge over the
coming months whilst we carry out a rigorous selection process for this
critical executive position."

 

END

 

 

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).

 

 

 

 

 

 Enquiries
 United Oil & Gas Plc (Company)
 Brian Larkin, CEO                                       brian.larkin@uogplc.com (mailto: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) 020 7186 9030

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

 Camarco (Financial PR)
 Andrew Turner | Emily Hall | Sam Morris                 +44 (0) 20 3757 4983

 

Notes to Editors

United Oil & Gas is a high growth oil and gas company with a portfolio of
low-risk, cash generative production, development, appraisal and exploration
assets across Egypt, 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)

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