REG - United Oil & Gas PLC - Egyptian Receivable, Jamaica and Corporate Update

United Oil & GasAnnouncement

03/12/2024 07:00

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RNS Number : 4982O  United Oil & Gas PLC  03 December 2024

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

 

3rd December 2024

United Oil & Gas plc

("United" or "the Company")

 

Egyptian Receivable, Jamaica and Corporate Update

 

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 provides
an update before the Christmas period.

 

Egyptian Receivables

The UOG CEO met with the CEO of EGPC on the 12(th) November and received
confirmation that the $620,000 receivable, as previously announced on 31
October 2024, was expected to be paid imminently. While funds have not yet
been received, discussions remain active, and the Company is taking all
necessary steps to secure prompt resolution. An update will be provided to the
market as soon as funds are received.

 

Jamaica Farm Out Update

The Company was engaged in discussions with selected parties, but those
discussions have been suspended until the new year.  We also continue to
explore potential interest from other parties, but we don't expect those
discussions to progress further until the new year either.

 

Corporate Update

The Company is taking a prudent approach to costs. We are currently reviewing
our cost structure and we plan to implement significant reductions effective
immediately. As part of this effort, all costs will be cut to a bare minimum.
These measures are being taken in order to maximise existing cash balances in
case there are further delays in receivables from EGPC and until a potential
farm out has progressed.

 

Brian Larkin, United Chief Executive Officer commented:

"We are continuing to engage with EGPC to secure our receivables due. In
parallel, the Company has had to make some decisions to maximise our cash
resources. With this in mind, we plan to significantly reduce the Company's
cost base to absolute essential outgoings only, in order to maximise the
chances of securing a potential farmout agreement within the constraints of
our limited funds and timeframe."

 

**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

 

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)

 

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