United Oil & Gas (UOG) , the independent oil and gas start up made up of a former Tullow Oil team, officially cancelled trading on the Main market and was admitted to trading on the AIM market of the London Stock Exchange today.
Directors said that “AIM represents a better fit for fast growing companies of United's size and is expected to lead to significant cost and administrative savings for the Company.”
The company strategy is to “acquire assets where the experience of the management team can drive near-term activity to unlock untapped value”.
It has assets in the UK, Italy and offshore Jamaica.
United Oil & Gas PLC CEO, Brian Larkin, said: "We are delighted to take this next step in our growth as a PLC. In the short time since our establishment in 2015 and initial listing in 2017, United has created a portfolio of assets which I believe will deliver exceptional value for our shareholders.”
“The move to AIM will not only reduce costs and use of management resources but will also assist us in undertaking the kind of value-adding transactions that will significantly grow our business.”
Mr. Brian Larkin added that the company expects to update investors on its licences in the UK, Italy and Jamaica. He highlighted that the Colter well result update is due in coming weeks.
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