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Disposal of Shareholding in United Oil & Gas plc

Source: www.gulfoilandgas.com 8/27/2020, Location: South America

Rockhopper Exploration plc, the oil and gas exploration and production company with key interests in the North Falkland Basin, is pleased to announce the disposal of its entire shareholding in United Oil & Gas plc ("United").

The transaction involves the sale of 114,503,817 ordinary shares in United at a disposal price of 2.66 pence per share for total gross proceeds of approximately £3.0 million (approximately US$4.0 million). The disposal price represents a 6.7 per cent discount to yesterday's closing price of United's shares.

The sale proceeds will be used to strengthen the Company's balance sheet.

Sam Moody, Chief Executive Officer, commented:
"The monetisation of our entire shareholding in United after a short holding period of under six months strengthens our balance sheet at a particularly challenging time for the sector. It also crystallises a strong cash return of $15.5 million from an original investment of $11.9 million four years ago, which has also generated $4 million of free cash flow during our period of ownership."

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