Approval for Transfer of Ownership of UOG Italia

RNS Number : 5594H

United Oil & Gas PLC

07 April 2022

 

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

7 April 2022

United Oil and Gas Plc

("United" "the Group" or the "Company")

Approval for Transfer of Ownership of UOG Italia

United Oil & Gas PLC is pleased to announce that it has received approval from the Ministry of Ecological Transition ("MITE") in Italy for the transfer of ownership of UOG Italia S.r.l. to Prospex Energy PLC ("Prospex"). The change of control was the final condition to be satisfied in the Sale and Purchase Agreement ("SPA") with Prospex, following the prior satisfaction of the fundraising condition by Prospex on 23 February 2022.  

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

Background

As announced on 10 August 2021, on 9 August 2021 United signed a conditional SPA with PXOG Marshall Limited, a subsidiary of Prospex for the sale of 100% of the share capital of UOG Italia Srl with an effective date of 1 January 2021 for a consideration of 2,164,701. UOG Italia Srl holds a 20% non-operated interest in the Podere Gallina licence, which contains the Selva gas development project.

**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).

Enquiries
United Oil & Gas Plc (Company)
Brian Larkin, CEO	[e-mail]
Sharan Dhami, Head of IR & ESG	[e-mail]
Beaumont Cornish Limited (Nominated Adviser)
Roland Cornish | Felicity Geidt	[phone]
Optiva Securities Limited (Joint Broker)
Christian Dennis	[phone]
Tennyson Securities (Joint Broker)
Peter Krens	[phone]
Camarco (Financial PR)
Billy Clegg  |  James Crothers  | Tessa Gough-Allen	[phone]  | [e-mail]

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  

 

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