Gulf Oil and Gas accountACCOUNT

Completion of Disposal of Rockhopper Egypt Pty Ltd

Source: www.gulfoilandgas.com 2/28/2020, Location: Africa

Rockhopper Exploration plc, the oil and gas exploration and production company with key interests in the North Falkland Basin, is pleased to announce that following satisfaction of the requisite conditions precedent, the disposal of Rockhopper Egypt Pty Limited to United Oil and Gas plc ("United") has now completed.

As previously announced, the US$16.0 million consideration payable to Rockhopper under the transaction comprises:
- cash of $11.5 million; and
- the issue of 114,503,817 Consideration Shares (at an issue price of 3 pence) representing approximately 18.5% of United's enlarged ordinary share capital.

Consideration Shares held by Rockhopper in United are subject to certain lock-up and orderly market disposal provisions for a period of up to 12 months from completion.

It is anticipated that Stewart MacDonald, Rockhopper's Chief Financial Officer, will be appointed as a non-executive director of United.

Hannam & Partners acted as financial adviser to Rockhopper in relation to this Transaction.

For more information about related Opportunities and Key Players visit Egypt Oil and Gas Projects

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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