REG - United Oil & Gas PLC - Long Stop Date Extension

United Oil & GasAnnouncement

04/10/2023 07:15

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RNS Number : 5818O  United Oil & Gas PLC  04 October 2023

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

 

4 October 2023

United Oil & Gas plc

("United" or "the Company")

 

Long Stop Date Extension - Sale of UK Central North Sea Licence

 

United Oil & Gas PLC (AIM: "UOG"), the full cycle oil and gas company
with a portfolio of production, development, exploration and appraisal assets,
provides an update on the conditional sale of the UK Central North Sea Licence
P2519 containing the Maria discovery in Block 15/18 (the "Licence") to Quattro
Energy Limited ("Quattro") a UK North Sea focused company which is being
acquired by Jesmond Capital Limited to form an enlarged entity to be listed on
the TSXV.

 

On 8 August 2023 the Company announced that as all the conditions under the
asset purchase agreement (the "APA") for the conditional sale of its UK
Central North Sea Licence P2519 had not been met by the expiry of the long
stop date on 31 July 2023 the parties had agreed an extension of the long stop
date in the APA to 30 September 2023. Further to that announcement, United
confirms that the funding condition under the APA have not been met by the
expiry of the long stop date on 30 September 2023.

 

Following the receipt by United from Quattro of an update on its funding
process and a formal request to extend the long stop date, the parties have
agreed an extension of the long stop date in the APA to 27 October 2023. It
was also agreed that a further extension may be required for all conditions
precedent to be met to allow completion of the sale, namely regulatory
approvals, to enable the transfer of funds to United, and the Licence
assignment to Quattro, with such extension to be automatically granted on the
satisfaction of the Quattro funding condition being met by 27 October 2023.

 

Brian Larkin, Chief Executive Officer commented:

"We remain confident that our Licence is highly prospective, particularly
following the recent support given to drilling in the North Sea by the UK
Government and Regulators. It is clear that the North Sea remains a strategic
asset for both the UK and Europe to bolster energy security, and that
investment into the area continues to be strong."

 

 

 

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)
 Peter Dunne, CFO                                        Peter.dunne@uogplc.com (mailto:Peter.dunne@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

 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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