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Egypt: BP backs United Oil acquisition

AIM-listed United Oil & Gas has won BP’s backing for a $16m deal to buy Rockhopper Egypt Pty Ltd, which has a 22% non-operated interest in the Abu Sennan concession in the Western Desert. BP will provide a prepayment financing structure of up to $8m, and United and BP have entered into an offtake agreement for United’s future oil and gas production. The balance of the $16m will be funded via an equity placing, of which up to $5m may be taken up by Rockhopper Exploration in United shares.

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African Energy Gulf States Newsletter