Oil Egypt accountACCOUNT King Tut

Update on Completion of Rockhopper Acquisition

Source: www.gulfoilandgas.com 2/20/2020, Location: Egypt

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United Oil & Gas Plc (UOG) is pleased to announce the satisfaction of the regulatory conditions attached to its proposed acquisition (Acquisition) of Rockhopper Egypt Pty Ltd., which holds a 22% interest in the producing Abu Sennan field, from Rockhopper Exploration plc. This follows receipt of the written consents from EGPC and the Minister of Petroleum and Mineral Resources of Egypt for the Rockhopper Acquisition on 20 February 2020.

In accordance with the terms of the Rockhopper Acquisition Agreement, United now expects Completion and Admission to occur on 28 February 2020. A further announcement will be provided to the market at that time.

Accordingly, application has been made for the Enlarged Ordinary Share Capital comprising 619,153,969 Ordinary Shares to be admitted to trading on AIM on 28 February 2020 ("Admission"). On Admission, the Consideration Shares, the Placing Shares and the Subscription Shares will rank pari passu in all respects with Existing Ordinary Shares.

Given the passage of time since the publication of its Admission Document dated 6 December 2019 and in line with regulatory requirements, the Appendix 1 below summarises the additional information which has been subsequently notified to the market by the Company.

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