United Oil & Gas plc today warned its business could be hindered if shareholders’ opposed yesterday’s £1 million fundraise. The placing to raise the funds is conditional on, among other things, shareholders’ approval at the general meeting on 15 March. “Failure to secure the funds could hamper the company’s business and impact on its exploration […]
Tag: United Oil & Gas plc
United conditionally raises £1m via placing
United Oil & Gas plc has conditionally raised £1 million via an oversubscribed discounted placing of 457.5m new ordinary shares with new and existing shareholders. DIRECTORS’ DEALINGS The company issued 500m new ordinary shares each of £0.00001 at a price of £0.002 each, representing 76.18% of the company’s issued ordinary share capital. The fundraise was completed […]
United to focus on Jamaica and UK after Egypt exit
United Oil & gas plc said it would focus on its assets offshore Jamaica and onshore UK after it has left Egypt. 2024 The company holds a 26.25% working interest in licence PL090 in Dorset containing the Waddock Cross oil field, operated by majority owner Egdon Resources. During 2020, Egdon completed reservoir modelling work on […]
United given $3.8m default notice for Abu Sennan
United Oil & Gas plc has received a default notice for US$3,822,143 outstanding cash calls for the Abu Sennan licence in which it tried to sell its 22% interest. DISCUSSIONS The company has 30 days, beginning 28 January, to address the November 2023 notice from operator Kuwait Energy Egypt Ltd under their joint operating agreement […]
United agrees two-year extension to Walton Morant
United Oil & Gas plc has agreed a two-year extension to the initial exploration period of its 22,400km2 Walton Morant block offshore Jamaica. CONFIDENT Pending the final signature by the Ministry of Science, Energy, Telecommunications and Transport (MSETT) on an amendment to the production sharing agreement (PSA) the licence will run to 31 January 2026. The company […]
United opens new area of Abu Sennan
United Oil & Gas plc has opened a new area of the Abu Sennan licence following petrophysical analysis of tests on the final well drilled in 2023. CHALLENGING The ASD S-1X exploration well, which reached a total depth of 3,450 metres on 12 December, showed a total 9.5 metres of net pay, including 6m net […]