AIM-listed United Oil & Gas, the oil and gas company with a high impact exploration asset in Jamaica and a development asset in the UK, has announced an update in relation to Egyptian receivables.
United has received a payment from Egyptian General Petroleum Corporation ('EGPC') for USD $1 million. These funds will be used to extinguish the debt and leave the Company debt free while the paperwork to withdraw from Abu Sennan concession is finalised.
The remaining receivable balance is the equivalent of c. USD $0.5 million and is anticipated to be received over the coming months.
A further update on the completion of the settlement of the debt will be made shortly.
United Chief Executive Officer, Brian Larkin commented:
'We are pleased to have received the funds from EGPC as this enables us to settle our debt and move the business forward, focusing on our key assets of Jamaica and Waddock Cross.
We will finalise settlement with our debt provider and issue a further update to shareholders shortly.'
Source: United Oil & Gas
