United Oil & Gas PLC / Index: AIM / Epic: UOG / Sector: Oil & Gas
27th 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) Damon Heath | Isabella Pierre | | +44 (0) 207 186 9900 |
| | | |
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
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