On 23 July 2019 United Oil & Gas PLC ("United"), the AIM traded oil and gas exploration and development company, announced the proposed acquisition of Rockhopper Egypt Pty Ltd from Rockhopper Exploration Plc. The acquisition will include a 22% non-operating interest in the Abu Sennan concession onshore Egypt, and accordingly United note the announcement made by Rockhopper Exploration Plc today with headline "Egypt Update" and with RNS number 2314Xavailable on the following link
https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/RKH/14353202.html.Â
Brian Larkin CEO, United Oil and Gas PLC:
Today's announcement is further proof of the quality of the assets that United has agreed to acquire. Abu Sennan has a historic drilling success rate of over 80% and rising. Over the last year production at the licence has gone from just over 800 boepd to 1100 boepd net as a result of the successful four well development drilling campaign. While we will wait to see the sustainable production levels on the ASH-2 well over the coming weeks, these initial results are excellent and we are confident that this well will further increase production. There is already a work programme in place for 2020, which will deliver a further four wells, significantly increasing newsflow from the Company. We expect the transaction to complete in January 2020 following satisfaction of final conditions precedent.