Rockhopper Exploration announces that following satisfaction of the requisite conditions precedent, the disposal of Rockhopper Egypt Pty Limited to United Oil and Gas plc has now completed.

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

• cash of $11.5 million; and
• the issue of 114,503,817 Consideration Shares (at an issue price of 3 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.

Link to United Oil and Gas Egypt country profile