Abu Sennan transaction update

RNS Number : 1220W

Rockhopper Exploration plc

09 December 2019

 

9 December 2019   

Rockhopper Exploration plc

("Rockhopper" or the "Company")

Abu Sennan transaction update

Rockhopper Exploration plc (AIM: RKH), the oil and gas exploration and production company with key interests in the North Falkland Basin, is pleased to provide the following progress update in relation to its previously announced disposal of Rockhopper Egypt Pty Limited to United Oil & Gas Plc ("United"). 

Following conditional completion of United's equity raise, the US$16 million consideration payable to Rockhopper under the transaction will be satisfied as follows:

·    cash consideration 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.

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, is progressing well. With United's General Meeting scheduled for 23 December 2019, the transaction is now expected to complete in January 2020.

Upon completion, and for as long as Rockhopper holds 10% or more of the entire issued share capital of United, Rockhopper will be entitled to appoint a director to the United Board.

Further background to the transaction and capitalised terms can be found in the announcement dated 7 October 2019.

Enquiries:

Rockhopper Exploration plc

Sam Moody - Chief Executive Officer
Stewart MacDonald - Chief Financial Officer

Tel. [phone] (via Vigo Communications)

Canaccord Genuity Limited (NOMAD and Joint Broker)

Henry Fitzgerald-O'Connor

James Asensio

Tel. [phone]

Peel Hunt LLP (Joint Broker)

Richard Crichton

Tel. [phone]

Vigo Communications

Patrick d'Ancona

Ben Simons

Tel. [phone]

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").

 

END

 

 

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