AIM-listed Rockhopper Exploration has announced that it has entered into an agreement with United Oil and Gas to settle an outstanding balance related to the transfer of the Abu Sennan concession in Egypt to United.
As part of the settlement agreement, United will issue to Rockhopper 59,823,810 shares in United at a price of £0.001p per share, which is to take place within 14 business days. This settlement brings to a close all outstanding matters related to the Abu Sennan transaction.
Samuel Moody, CEO of Rockhopper, commented
'We are pleased to have reached this agreement with United, and we wish its Chief Executive Brian Larkin and the team all the best in their future endeavours.'
Source: Rockhopper Exploration
