United Oil issues shares to settle legacy Rockhopper liability

(Sharecast News) - United Oil & Gas announced the final settlement of an outstanding legacy liability with Rockhopper Exploration on Monday, through the issue of 59,523,810 new shares at a price of 0.1p each. The AIM-traded firm said the settlement price aligned with the recent placing price earlier in January.

It said it would apply to the London Stock Exchange for the newly-issued shares to be admitted to trading on AIM.

On completion, the total number of voting rights in the company would increase to 1,915,877,779.

"Settling this legacy liability, which we have provided for in our prior years accounts, allows us to focus our efforts on advancing our high-impact exploration opportunity in Jamaica, where we continue to progress the farmout process," said chief executive officer Brian Larkin.

"With this matter now closed, we can drive forward our strategic priorities and deliver value for shareholders."

At 1410 GMT, shares in United Oil & Gas were down 1.95% at 0.1p.

Reporting by Josh White for Sharecast.com.