United Oil & Gas plc has issued 59,523,810 new ordinary shares to settle an outstanding balance with Rockhopper Exploration plc relating to the transfer of the Abu Sennan licence in Egypt.
EXPLORATION
In 2019 Rockhopper agreed to sell its 22% working interest to United, which held the concession until 2024.
The issued new ordinary shares are at a price of £0.001 per share.
Following admission, United’s total voting rights will number 1,915,877,779.
Chief executive Brian Larkin said: “Settling this legacy liability, which we have provided for in our prior years accounts, allows us to focus our efforts on advancing our high-impact exploration opportunity in Jamaica, where we continue to progress the farm-out process.
“With this matter now closed, we can drive forward our strategic priorities and deliver value for shareholders.”
Rockhopper’s assets are located in the North Falkland Basin.