United Oil & Gas PLC (LON:UOG) not ruling out Dublin share listing

Exploration company United Oil and Gas is open to a secondary share listing in Dublin, although such a move is not in the company’s immediate plans.

The Dublin-based company this week switched its UK listing from the main London Stock Exchange to the junior Alternative Investment Market (AIM), so beloved by exploration companies. The company is expected to realise significant cost and administrative savings from the move.

However, despite the prospect of further costs, it hasn’t closed the door on a Dublin float.

“While we are not pursuing a listing on the Irish Stock Exchange at this time, we definitely would not rule it out in the future,” said United’s chief executive Brian Larkin.

The findings estimate 6.5 million barrels of gross recoverable resources from the offshore Crown licence and 1.55 million barrels from the onshore Waddock Cross. United holds a 26.2% stake in the latter and 95% control of the former.

“Since our inception, United has procured a portfolio of exceptional assets, normally beyond the scope of a company of this size. While we will continue to build our portfolio, adding licences where we see opportunity, 2019 will see a greater emphasis on unlocking the value of our asset base,” Mr Larkin said.

The company recently said it would “aggressively” target investment opportunities this year, including a “game-changing” acquisition.

By Geoff Percival

Source Link www.irishexaminer.com


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