United
Oil & Gas PLC / Index: AIM / Epic: UOG / Sector: Oil &
Gas
16 April 2024
United Oil & Gas
plc
("United" or "the
Company")
Receipt of Egyptian
Receivables of $1 million in USD
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 announces an
update in relation to Egyptian receivables.
United has received a payment from
Egyptian General Petroleum Corporation ("EGPC") for USD $1 million.
These funds will be used to extinguish the debt and leave the
Company debt free while the paperwork to withdraw from Abu Sennan
concession is finalised.
The remaining receivable balance is
the equivalent of c. USD $0.5 million and is anticipated to be
received over the coming months.
A further update on the completion
of the settlement of the debt will be made shortly.
United Chief Executive Officer, Brian Larkin
commented:
"We are pleased to have received the funds from EGPC as this
enables us to settle our debt and move the business forward,
focusing on our key assets of Jamaica and Waddock
Cross.
We
will finalise settlement with our debt provider and issue a further
update to shareholders shortly."
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).
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Enquiries
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United Oil & Gas Plc
(Company)
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Brian Larkin, CEO
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brian.larkin@uogplc.com
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Beaumont Cornish
Limited (Nominated Adviser)
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Roland Cornish | Felicity
Geidt | Asia Szusciak
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+44 (0) 20 7628 3396
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Tennyson Securities (Joint
Broker)
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Peter Krens
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+44 (0) 20 7186 9030
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Optiva Securities
Limited (Joint Broker)
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Christian Dennis
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+44 (0) 20 3137 1902
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Camarco (Financial
PR)
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Andrew Turner | Emily Hall | Sam
Morris
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+44 (0) 20 3757 4983
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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