Rockhopper Exploration plc, the oil and gas exploration and production firm, announced in a press release published on October 7, 2019 that the transaction of selling Rockhopper Egypt Pty Limited to United Oil & Gas plc (United) is still on track and to be completed by the end of the fourth quarter of 2019.
Rockhopper added that all the existing joint venture partners in the Abu Sennan concession had irrevocably and unconditionally waived their pre-emption rights under the Joint Operating Agreement at close of business on October 3, 2019.
Rockhopper highlighted that the process to satisfy the remaining conditions precedent, including United shareholder approval, completion of the readmission of United to trading on AIM, and receipt of Egyptian government approvals, are progressing well.
It is worth mentioning that Rockhopper had signed a share purchase agreement with United for the sale of Rockhopper Egypt worth $16 million in July 2019. The key asset of Rockhopper Egypt was a 22% working interest in the Abu Sennan concession.
Under the terms of the agreement, the consideration will be satisfied by a payment by United of not less than $11 million in cash at completion.