Rockhopper Exploration plc, the oil and gas company with key interests in the North Falkland Basin (NFB), has announced that it has entered into an agreement with United Oil and Gas plc (UOG) to settle an outstanding balance related to the transfer of the Abu Sennan concession in Egypt to United.
As part of the settlement agreement, United will issue to Rockhopper 59,823,810 shares in United at a price of £0.001p per share, which is to take place within 14 business days. This settlement brings to a close all outstanding matters related to the Abu Sennan transaction.
“We are pleased to have reached this agreement with United, and we wish its Chief Executive Brian Larkin and the team all the best in their future endeavors.” Samuel Moody, CEO of Rockhopper, commented.