Further to the conditional acquisition of Rockhopper Egypt Pty Limited (“Rockhopper Egypt”), RNS announced this morning.
United Oil & Gas PLC (AIM: “UOG”), the AIM traded oil and gas exploration and development company, announces that by virtue of its size, the proposed acquisition of Rockhopper Eqypt (“Acquisition”) would constitute a reverse takeover under AIM Rule 14. Accordingly, the Company’s Ordinary Shares will be 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.
Rockhopper Exploration plc (AIM: RKH), the oil and gas company with key interests in the North Falkland Basin and the Greater Mediterranean region, is pleased to announce that it has signed a share purchase agreement (“SPA”) with United Oil and Gas plc (“United”) for the sale of Rockhopper Egypt Pty Limited for consideration of US$16 million. The key asset of Rockhopper Egypt Pty Limited is a 22% working interest in the Abu Sennan concession (“Abu Sennan”).
Under the terms of the SPA, the consideration will be satisfied by a payment by United of not less than US$11 million in cash at completion.
Further announcements will be made, as appropriate, in due course.
The Directors intend to undertake equity fundraise in connection with the Acquisition. The proceeds of the proposed fundraising will be used to fund the Acquisition, support the enlarged Group’s business plan and for general working capital. Further details will be announced in due course.
This announcement is inside information for the purposes of Article 7 of Regulation 596/2014.
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