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RNS Number : 5160P United Oil & Gas PLC 23 May 2024
United Oil & Gas PLC / Index: AIM / Epic: UOG / Sector: Oil & Gas
23 May 2024
United Oil & Gas plc
("United" or "the Company")
Settlement of Debt
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 it has agreed a settlement with its debt provider,
for the final outstanding sum of $839,200. The detail terms of the settlement
will remain confidential.
In addition, the Company can now complete the necessary paperwork to fully
withdraw from Egypt and will update shareholders on this in due course.
This leaves the Company free to concentrate its efforts on advancing its other
assets, particularly the Jamaican work program and farmout process.
United Chief Executive Officer, Brian Larkin commented:
"We're delighted to have reached a settlement agreement with our debt provider
and express our gratitude for their longstanding support, particularly during
the recent challenging period in Egypt.
We look forward to collaborating with them again in the future.
In the meantime, we will focus on the momentum that we are gaining with the
Jamaican farmout process. We look forward to updating the market on this in
due course."
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
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) +44 (0) 207 186 9900
Damon Heath | Isabella Pierre
Camarco (Financial PR)
Andrew Turner | Emily Hall | Sam Morris +44 (0) 20 3757 4980
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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