United Oil&gas Regulatory News (UOG)

United Oil & Gas PLC / Index: AIM / Epic: UOG / Sector: Oil & Gas

12 March 2020

United Oil & Gas PLC

("United" or the "Company")

Board Appointment

United, the AIM listed oil and gas exploration, development and production company, announces that further to "Rockhopper Acquisition & Conditional Fundraise" announcement of 9 December 2019 (RNS No: 1232W) and "Completion of Acquisition & Re-Admission to AIM" announcement of 28 February 2020 (RNS No: 4217E) the Company has today appointed Mr Stewart MacDonald as Non-Executive Director of the Company.

This appointment is made pursuant to the terms of the acquisition agreement dated 22 July 2019 between Rockhopper Exploration Plc ("Rockhopper PLC") and the Company relating to the acquisition by the Company of Rockhopper Egypt Pty Limited ("Rockhopper") from Rockhopper PLC ("Rockhopper Acquisition Agreement") which provides that for as long as Rockhopper PLC holds 10 per cent. or more of the entire issued share capital of the Company it is entitled to appoint a director to the Board of United.

Mr Stewart MacDonald has 17 years of energy and corporate finance experience. He was appointed as Chief Financial Officer of Rockhopper PLC in March 2014 and prior to that Mr MacDonald was a director of Rothschild's global oil and gas group where he spent 12 years advising clients in the sector on a range of M&A transactions as well as debt and equity financings.

Graham Martin, United's Chairman, commented:

"I am delighted to welcome Stewart to the Board of United Oil & Gas. His familiarity with the Abu Sennan asset and experience in Egypt will prove invaluable to United. We are sure Stewart will make a very positive contribution to the Board."

AIM disclosures

Mr Stewart MacDonald, aged 39, has held the following directorships and / or partnerships in the past 5 years:

Mr MacDonald does not currently own any shares, warrants or options in his own name in United, however Rockhopper PLC of which he is the Chief Financial Officer owns 114,503,817 ordinary shares of 1 pence each ("Consideration Shares") in United representing 18.5 per cent. of the Company's issued share capital. These shares were issued to Rockhopper PLC as part consideration for the Rockhopper acquisition and in accordance with the Rockhopper Acquisition Agreement Rockhopper PLC has agreed with the Company that it will only dispose of any interest in the Consideration Shares for a period of 12 months beginning on 28 February 2020 ("Admission" ) in accordance with an orderly market arrangement commencing three months from Admission and through the Company's broker, unless such disposals are with the prior written consent of the Company.

There is no further information on Mr Stewart MacDonald required to be disclosed under Schedule Two, paragraph (g) (i)-(viii) of the AIM Rules for Companies.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").

ENDS