We spoke today with Brian Larkin, CEO of United Oil & Gas PLC to ask some questions about today company announcement, the proposed acquisition of Rockhopper Eqypt (“Acquisition”)
This constitutes a reverse takeover under AIM Rule 14. Accordingly, the Company’s Ordinary Shares have been suspended from trading on AIM with effect from 07:30 am today, pending publication of an AIM admission document and circular to shareholders to approve the Acquisition.
Here the list of questions we based the interview around.
- Please tell us more about the Rockhopper deal?
- How does the acquisition fit in with your strategy?
- How did a junior secure a debt facility with a major?
- What are the timings to complete the deal?
- What does the acquisition mean for your other assets? You recently disposed of Crown in the North Sea… why?
- Are your various work programmes funded?
- Why have UOG shares been suspended and how long for?
UOG Chief Executive Brian Larkin said: “This is a truly transformational deal for United. Not only will it deliver our first production, positive cash flow and significant reserves it also offers very promising infill and exploration upside.
“Having reviewed many opportunities in the last 18 months, Rockhopper Egypt was by far and away from the most exciting opportunity and the best strategic fit for our business.”
“United has already built a world-class portfolio of assets, combining high impact exploration in Jamaica and Benin, with low risk, low-cost European assets in the UK and Italy. This diverse portfolio is already offering shareholders a range of options for value enhancement. The proposed acquisition announced today would deliver production and cash flow to this already impressive stable.”
“In addition, we are very pleased with BP’s support for the deal, through the provision of acquisition finance, and we look forward to developing future business together,” Larkin added.
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