Last checked at 23 Mar 2022 11:54
United Oil & Gas PLC / Index: AIM / Epic: UOG / Sector: Oil & Gas
23 March 2022
United Oil and Gas plc
("United" or "the Company")
agreement of crown disposal milestone payment
Further to its announcements of 27 January 2022, 4 October 2021, 4 December 2020 and 12 December 2019, United Oil & Gas PLC (AIM: "UOG"), the growing oil and gas company, is pleased to announce that a confidential settlement agreement ("Settlement Agreement") has been signed on 23 March 2022 between Anasuria Hibiscus UK Ltd. (''AHUK'') and United for the Crown disposal milestone payment.
AHUK has agreed to pay United a total of US$2,500,000 (payable in three instalments between the date of the Settlement Agreement and 29 December 2022) in full and final settlement of the matter. Subject to the receipt by United of the full sum of US$2,500,000 from AHUK, this will bring an end to the matter and no further amounts will be due to United from AHUK in connection with the sale of Licence P2366.
**ENDS**
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).
United Oil & Gas Plc (Company) |
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Brian Larkin, CEO | brian.larkin@uogplc.com |
Sharan Dhami, Head of IR & ESG | sharan.dhami@uogplc.com |
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Beaumont Cornish Limited (Nominated Adviser) | +44 (0) 20 7628 3396 |
Roland Cornish and Felicity Geidt |
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Optiva Securities Limited (Joint Broker) | +44 (0) 20 3137 1902 |
Christian Dennis
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Tennyson Securities (Joint Broker) | +44 (0) 020 7186 9030 |
Peter Krens |
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Camarco (Financial PR) | +44 (0) 20 3757 4983
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Billy Clegg | James Crothers | Tessa Gough-Allen | uog@camarco.co.uk |
Notes to Editors
United Oil & Gas is a high growth oil and gas company with a portfolio of low-risk, cash generative production, development, appraisal and exploration assets across Egypt, UK, Italy 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