• Delivering on strategy to acquire and develop a multistage portfolio of low risk development and appraisal assets in Europe/Greater Mediterranean region
• Strengthening of Executive team with appointment of David Quirke as Chief Financial Officer
• Announcement of conditional acquisition of Rockhopper Egypt Pty Ltd ("Rockhopper Egypt")
• Signed a Heads of Terms on an agreement for the sale of the Crown Discovery, successfully monetizing the asset and delivering value to shareholders
• Admission to trading on AIM providing a sound basis for further acquisitions and development of the business
• Competent Persons Reports completed across the whole portfolio, demonstrating the quality of assets
• Preliminary award of Selva production concession and significant upgrade to Italian resources
• Colter South Discovery announced as part of successful Colter drilling campaign
• Provisionally awarded six Blocks in the UK 31st Round offshore licencing round of which four have now been confirmed
• Option secured to farm-in to Block B, onshore Benin

Outlook

United has continued to make good progress towards their stated goal of building a full cycle oil and gas company. The company anticipate that the Rockhopper Egypt acquisition will be concluded in Q4 2019. In advance of this, and post completion of the equity raise, United will recommence trading on the AIM Market of the London Stock Exchange. With this transaction, United will become a producing oil and gas company with significant cash flow. In 2020, the company expect to augment that production with the arrival on stream of the Selva Field in Italy. Production from these assets will provide funding to drive future growth in the business. 

The second half of 2019 is likely to see further operational activity across the company's portfolio. With the operator, Egdon Resources, United are currently completing technical studies on the Waddock Cross field and are targeting drilling following the completion of technical studies. In conjunction with the operator Tullow Oil, a joint venture farm down process, which has seen considerable interest, will continue on the Walton Morant licence in Jamaica. United's geotechnical team are working to interpret the information gathered from the Colter drilling campaign and interpreting it in the context of the additional acreage awarded in the 31st UK Licensing Round. 

Finally, drilling activity continues on the Abu Sennan Licence, 22% of which is currently held by Rockhopper Egypt and which is the subject of the conditional acquisition. Recent drilling has continued a strong track record of success since the start of the year, production on the Abu Sennan permit has risen from approximately 3,800 boepd to over 5,100 boepd.

United Oil & Gas Plc CEO, Brian Larkin, said,
"2019 has seen a continuation of both the pace and quality of activity being undertaken by United as we continue to build a full cycle oil and gas company.  We have been very active in terms of our existing assets and management of our portfolio and we have made a series of announcements covering ongoing operations, a transformational acquisition, a successful divestment and corporate development to strengthen our team. 

Following completion of the acquisition of Rockhopper Egypt, which we anticipate will complete during Q4 2019, United will return to the market a significantly bigger company, with producing assets to complement our already impressive portfolio.  I look forward to updating our shareholders further at that time." 

Link to United Oil & Gas UK country profile