Rockhopper has announced the disposal of its Abu Sennan producing asset in Egypt to AIM-listed United Oil and Gas. Total consideration is US$16m, of which US$11m is expected in cash at completion, with the balance dependent on a United equity placing, and Rockhopper potentially taking some United shares if result of the placing does not allow full payment of the US$16m in cash. Completion is expected in Q4 2019, with an effective date of 1 January 2019.
23 Jul 2019
Sale of Abu Sennan
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Sale of Abu Sennan
Rockhopper Exploration plc (RKH:LON) | 13.4 0 (-2.4%) | Mkt Cap: 86.2m
- Published:
23 Jul 2019 -
Author:
Daniel Slater, CFA -
Pages:
3
Rockhopper has announced the disposal of its Abu Sennan producing asset in Egypt to AIM-listed United Oil and Gas. Total consideration is US$16m, of which US$11m is expected in cash at completion, with the balance dependent on a United equity placing, and Rockhopper potentially taking some United shares if result of the placing does not allow full payment of the US$16m in cash. Completion is expected in Q4 2019, with an effective date of 1 January 2019.