REG - United Oil & Gas PLC - Final Settlement of Legacy Liability and TVR

United Oil & GasAnnouncement

27/01/2025 08:00

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RNS Number : 7715U  United Oil & Gas PLC  27 January 2025

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

 

27(th) January 2025

United Oil & Gas plc

("United" or "the Company")

 

Final Settlement of Legacy Liability and TVR

 

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 that the Company has agreed to settle an outstanding
legacy liability with Rockhopper Exploration Plc through the issuance of
59,523,810 new ordinary shares at a price of £0.001 per share. The settlement
price is consistent with the recent placing price earlier this month.

 

Application will be made to the London Stock Exchange for the Settlement
Shares comprising 59,523,810 new ordinary shares of £0.00001 each, to be
admitted to trading on AIM shortly.  On completion of the issuance of the
shares, the Total Voting Rights ("TVR") will be 1,915,877,779.

 

Brian Larkin, United Chief Executive Officer commented:

"Settling this legacy liability, which we have provided for in our prior years
Accounts, allows us to focus our efforts on advancing our high-impact
exploration opportunity in Jamaica, where we continue to progress the farmout
process. With this matter now closed, we can drive forward our strategic
priorities and deliver value for shareholders."

 

**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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