Approval for Transfer of Ownership of UOG Italia

RNS Number : 5534H

Prospex Energy PLC

07 April 2022

 

Prospex Energy PLC / Index: AIM / Epic: PXEN / Sector: Oil and Gas

7 April 2022

Prospex Energy PLC

('Prospex' or the 'Company')

Approval for Transfer of Ownership of UOG Italia S.r.l.

Prospex Energy PLC, the AIM-quoted investment company focused on European energy projects, is pleased to announce that it has received approval from the Ministry of Ecological Transition ("MITE") for the change of control of 100% of UOG Italia S.r.l. ("UOG Italia") from United Oil and Gas plc (AIM:UOG) ("UOG") to Prospex.  This was officially received on 4 April 2022 after close of business. 

The change of control was the final condition stipulated in the Sale and Purchase Agreement ("SPA") with UOG and UOG Holdings plc (a wholly owned subsidiary of UOG), to conditionally acquire a further 20% working interest in the Podere Gallina Licence, which contains the Selva Gas Field ("Selva"), in the Po Valley region of Italy, signed on 9 August 2021 (announced on 10 August 2021).  

Completion of the acquisition will occur when the deed of transfer is legally executed and funds are transferred to UOG to pay for the remainder of the acquisition cost, at which point a further announcement will be made.

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR") and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

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For further information visit www.prospex.energy or contact the following:

Mark Routh	Prospex Energy PLC	Tel: [phone]
Rory Murphy Ritchie Balmer	Strand Hanson Limited	Tel: [phone]
Colin Rowbury Jon Belliss	Novum Securities Limited	Tel: [phone]
Duncan Vasey Lucy Williams	Peterhouse Capital Limited	Tel: [phone]
Susie Geliher Ana Ribeiro	St Brides Partners Ltd	Tel: [phone]

Notes

Prospex Energy PLC is an AIM quoted investment company focussed on high impact onshore and shallow offshore European opportunities with short timelines to production.  The Company's strategy is to acquire undervalued projects with multiple, tangible value trigger points that can be realised within 12 months of acquisition and then applying low-cost re-evaluation techniques to identify and de-risk prospects.  The Company will rapidly scale up gas production in the short term to generate internal revenues that can then be deployed to develop the asset base and increase production further.

 

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