United Oil & Gas, the oil and gas company with a high impact exploration asset in Jamaica and a development asset in the UK has agreed a settlement with its debt provider, for the final outstanding sum of $839,200. The detail terms of the settlement will remain confidential.

In addition, the Company can now complete the necessary paperwork to fully withdraw from Egypt and will update shareholders on this in due course.

This leaves the Company free to concentrate its efforts on advancing its other assets, particularly the Jamaican work program and farmout process.

United Chief Executive Officer, Brian Larkin commented:
"We're delighted to have reached a settlement agreement with our debt provider and express our gratitude for their longstanding support, particularly during the recent challenging period in Egypt.

We look forward to collaborating with them again in the future.

In the meantime, we will focus on the momentum that we are gaining with the Jamaican farmout process. We look forward to updating the market on this in due course."

KeyFacts Energy: United Oil & Gas UK country profile