United Oil & Gas raises $6.3 million to fund Rockhopper Egypt acquisition
United Oil conditionally raises USD 6.3 million to partially fund Rockhopper Egypt acquisition: Irish energy company United Oil & Gas has conditionally raised USD 6.3 million to partially finance its planned USD 16 million acquisition of Rockhopper Egypt’s business, United Oil said in an LSE disclosure.
The company raised the amount through a share issuance, according to the statement. Rockhopper had said in October that the transaction — which would see United acquire a non-operating 22% interest in the onshore Abu Sennan oil concession, among other assets — is on track to be completed by the end of 4Q2019.
The agreement “will be satisfied” once United makes a cash payment of at least USD 11 million. BP had previously agreed to provide USD 8 million to partially fund the acquisition after it entered an offtake agreement for United’s future oil and gas production.