United Oil & Gas (UOG)

Sector:

Energy Producers

Index:

FTSE AIM All-Share

2.18p
   
  • Change Today:
    -0.025p
  • 52 Week High: 6.00
  • 52 Week Low: 2.12
  • Currency: UK Pounds
  • Shares Issued: 644.80m
  • Volume: 851,464
  • Market Cap: £14.02m
  • RiskGrade: 324
  • Beta: 0.99

United Oil offloads Italian operations

By Josh White

Date: Tuesday 10 Aug 2021

LONDON (ShareCast) - (Sharecast News) - United Oil & Gas announced on Tuesday that, as part of the ongoing optimisation of its portfolio and capital allocation strategy, it has signed a conditional sale and purchase agreement with PXOG Marshall for the sale of all of the share capital of UOG Italia for €2.165m in cash.
The AIM-traded firm said the effective date of the sale to PXOG, a subsidiary of its partner on the licence Prospex Energy, was 1 January 2021.

Under the terms of the deal, United said it would receive an immediate deposit payment of €0.11m, with the rest of the consideration payable on completion

The sale consideration was at a "modest premium" to the total assets held by UOG Italia as at 31 December, and removed any further development expenditure associated with the Selva development.

For the year ended 31 December, UOG Italia reported a pre-tax loss of €36,934 and had total assets of €2.06m.

"We are pleased to sign this sale and purchase agreement with our joint venture partner on the licence, Prospex Energy," said chief executive officer Brian Larkin.

"We wish them, and all stakeholders of the Selva project, well during its development."

Larkin said the company believed that it was now the "optimal time" to focus its portfolio on its low-cost production business in Egypt, and high-impact exploration opportunities in the Caribbean and Latin America.

"The proceeds of this transaction and those of the previously announced North Sea asset divestments will further strengthen our balance sheet to support this growth strategy."

At 1528 BST, shares in United Oil & Gas were down 1.43% at 3.45p.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

UOG Market Data

Currency UK Pounds
Share Price 2.18p
Change Today -0.025p
% Change -1.14 %
52 Week High 6.00
52 Week Low 2.12
Volume 851,464
Shares Issued 644.80m
Market Cap £14.02m
Beta 0.99
RiskGrade 324

UOG Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value Not Available
Price Trend
90.16% below the market average90.16% below the market average90.16% below the market average90.16% below the market average90.16% below the market average
67.03% below the sector average67.03% below the sector average67.03% below the sector average67.03% below the sector average67.03% below the sector average
Income Not Available
Growth Not Available

UOG Dividends

No dividends found

Trades for 03-Dec-2021

Time Volume / Share Price
16:09 20,982 @ 2.24p
14:23 10,000 @ 2.12p
13:55 126,035 @ 2.21p
13:42 40,000 @ 2.20p
13:31 100,000 @ 2.15p

UOG Key Personnel

CEO Brian Larkin
COO Jonathan Leather
CFO David Quirke

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