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(Alliance News) - United Oil & Gas PLC has made "considerable" progress so far in 2019, it said on Thursday, including a major acquisition in Egypt.
The USD16 million deal for Rockhopper Exploration PLC's Egypt assets was announced in July, with UOG at the time saying it was "truly transformational". UOG shares are currently suspended from trading, as the Rockhopper deal is deemed a reverse takeover under AIM rules.
During the six months to June, UOG was awarded a production concession at the Selva gas field in Italy, and also "significantly" upgraded Italian resources.
It also announced the Colter oil discovery in the UK and was awarded six blocks in the UK North Sea, four of which have been confirmed.
Chief Executive Brian Larkin commented: "2019 has seen a continuation of both the pace and quality of activity being undertaken by United as we continue to build a full cycle oil and gas company.
"We have been very active in terms of our existing assets and management of our portfolio and we have made a series of announcements covering ongoing operations, a transformational acquisition, a successful divestment and corporate development to strengthen our team."
"Following completion of the acquisition of Rockhopper Egypt, which we anticipate will complete during fourth quarter 2019, United will return to the market a significantly bigger company, with producing assets to complement our already impressive portfolio. I look forward to updating our shareholders further at that time," Larkin continued.
By George Collard; georgecollard@alliancenews.com
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