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).
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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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Shard Capital Limited (Joint
Broker)
Damon Heath | Isabella
Pierre
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+44 (0) 207 186 9900
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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 4980
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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
