REG - United Oil & Gas PLC - Receipt of Egyptian Receivables of $1 million USD

United Oil & GasAnnouncement

16/04/2024 07:00

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RNS Number : 6824K  United Oil & Gas PLC  16 April 2024

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

 

16 April 2024

United Oil & Gas plc

("United" or "the Company")

Receipt of Egyptian Receivables of $1 million in USD

 

 

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
announces an update in relation to Egyptian receivables.

 

United has received a payment from Egyptian General Petroleum Corporation
("EGPC") for USD $1 million. These funds will be used to extinguish the debt
and leave the Company debt free while the paperwork to withdraw from Abu
Sennan concession is finalised.

 

The remaining receivable balance is the equivalent of c. USD $0.5 million and
is anticipated to be received over the coming months.

 

A further update on the completion of the settlement of the debt will be made
shortly.

 

 

United Chief Executive Officer, Brian Larkin commented:

 

"We are pleased to have received the funds from EGPC as this enables us to
settle our debt and move the business forward, focusing on our key assets of
Jamaica and Waddock Cross.

We will finalise settlement with our debt provider and issue a further update
to shareholders shortly."

 

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) 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

 

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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