Rockhopper completes disposal of Rockhopper Egypt

Rockhopper Exploration has announced that following satisfaction of the requisite conditions precedent, the disposal of Rockhopper Egypt to United Oil and Gas has now been completed.

As previously announced, the US$16.0 million consideration payable to Rockhopper under the transaction comprises:

• cash of US$11.5 million

• the issue of 114,503,817 Consideration Shares (at an issue price of three pence) representing approximately 18.5% of United’s enlarged ordinary share capital.

Consideration Shares held by Rockhopper in United are subject to certain lock-up and orderly market disposal provisions for a period of up to 12 months from completion.

It is anticipated that Stewart MacDonald, Rockhopper’s Chief Financial Officer, will be appointed as a non-executive director of United.

Hannam & Partners acted as financial adviser to Rockhopper in relation to this Transaction.

Source: Energy-pedia