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.
![](https://i0.wp.com/www.extractiveindustries.co.uk/wp-content/uploads/2025/01/PDMRs-dealings-stocks-and-shrares-generic-Pixabay-6.jpg?resize=640%2C378&ssl=1)
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.