United Oil
& Gas PLC / Index: AIM / Epic: UOG / Sector: Oil &
Gas
3rd
December 2024
United Oil & Gas
plc
("United" or "the
Company")
Egyptian Receivable, Jamaica
and Corporate Update
United Oil & Gas Plc (AIM: "UOG"), the
oil and gas company with a high impact exploration asset in Jamaica
and a development asset in the UK provides an update before the
Christmas period.
Egyptian
Receivables
The UOG CEO met with the CEO of EGPC on the
12th November and received confirmation that the
$620,000 receivable, as previously announced on 31 October 2024,
was expected to be paid imminently. While funds have not yet been
received, discussions remain active, and the Company is taking all
necessary steps to secure prompt resolution. An update will be
provided to the market as soon as funds are received.
Jamaica Farm
Out Update
The Company was engaged in discussions with
selected parties, but those discussions have been suspended until
the new year. We also continue to explore potential interest
from other parties, but we don't expect those discussions to
progress further until the new year either.
Corporate
Update
The Company is taking a prudent approach to
costs. We are currently reviewing our cost structure and we plan to
implement significant reductions effective immediately. As part of
this effort, all costs will be cut to a bare minimum. These
measures are being taken in order to maximise existing cash
balances in case there are further delays in receivables from EGPC
and until a potential farm out has progressed.
Brian Larkin, United Chief Executive Officer
commented:
"We are
continuing to engage with EGPC to secure our receivables due. In
parallel, the Company has had to make some decisions to maximise
our cash resources. With this in mind, we plan to significantly
reduce the Company's cost base to absolute essential outgoings
only, in order to maximise the chances of securing a potential
farmout agreement within the constraints of our limited funds and
timeframe."
**ENDS**
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Enquiries
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United Oil & Gas Plc
(Company)
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Brian Larkin, CEO
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brian.larkin@uogplc.com
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Beaumont Cornish
Limited (Nominated Adviser)
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Roland Cornish | Felicity
Geidt | Asia Szusciak
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+44 (0) 20 7628 3396
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Tennyson Securities (Joint
Broker)
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Peter Krens
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+44 (0) 20 7186 9030
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Optiva Securities
Limited (Joint Broker)
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Christian Dennis
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+44 (0) 20 3137 1902
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Shard Capital Limited (Joint
Broker)
Damon Heath | Isabella
Pierre
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+44 (0) 207 186 9900
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Beaumont
Cornish Limited ("Beaumont Cornish") is the Company's Nominated
Adviser and is authorised and regulated by the FCA. Beaumont
Cornish's responsibilities as the Company's Nominated Adviser,
including a responsibility to advise and guide the Company on its
responsibilities under the AIM Rules for Companies and AIM Rules
for Nominated Advisers, are owed solely to the London Stock
Exchange. Beaumont Cornish is not acting for and will not be
responsible to any other persons for providing protections afforded
to customers of Beaumont Cornish nor for advising them in relation
to the proposed arrangements described in this announcement or any
matter referred to in it.
Notes to Editors
United Oil & Gas is an oil
and gas company with a development asset in the UK 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
