Prospex Energy PLC Approval for Transfer of Ownership of UOG Italia (5534H)
07 April 2022 - 4:01PM
UK Regulatory
TIDMPXEN
RNS Number : 5534H
Prospex Energy PLC
07 April 2022
Prospex Energy PLC / Index: AIM / Epic: PXEN / Sector: Oil and
Gas
7 April 2022
Prospex Energy PLC
('Prospex' or the 'Company')
Approval for Transfer of Ownership of UOG Italia S.r.l.
Prospex Energy PLC, the AIM-quoted investment company focused on
European energy projects, is pleased to announce that it has
received approval from the Ministry of Ecological Transition
("MITE") for the change of control of 100% of UOG Italia S.r.l.
("UOG Italia") from United Oil and Gas plc (AIM:UOG) ("UOG") to
Prospex. This was officially received on 4 April 2022 after close
of business.
The change of control was the final condition stipulated in the
Sale and Purchase Agreement ("SPA") with UOG and UOG Holdings plc
(a wholly owned subsidiary of UOG), to conditionally acquire a
further 20% working interest in the Podere Gallina Licence, which
contains the Selva Gas Field ("Selva"), in the Po Valley region of
Italy, signed on 9 August 2021 (announced on 10 August 2021).
Completion of the acquisition will occur when the deed of
transfer is legally executed and funds are transferred to UOG to
pay for the remainder of the acquisition cost, at which point a
further announcement will be made.
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR") and is disclosed in accordance with
the Company's obligations under Article 17 of MAR.
* * ENDS * *
For further information visit www.prospex.energy or contact the
following:
Mark Routh Prospex Energy PLC Tel: +44 (0) 20 7236
1177
Rory Murphy Strand Hanson Limited Tel: +44 (0) 20 7409
Ritchie Balmer 3494
Colin Rowbury Novum Securities Limited Tel: +44 (0) 20 7399
Jon Belliss 9427
Duncan Vasey Peterhouse Capital Tel: +44 (0) 20 7220
Lucy Williams Limited 9797
Susie Geliher St Brides Partners Tel: +44 (0) 20 7236
Ana Ribeiro Ltd 1177
Notes
Prospex Energy PLC is an AIM quoted investment company focussed
on high impact onshore and shallow offshore European opportunities
with short timelines to production. The Company's strategy is to
acquire undervalued projects with multiple, tangible value trigger
points that can be realised within 12 months of acquisition and
then applying low-cost re-evaluation techniques to identify and
de-risk prospects. The Company will rapidly scale up gas production
in the short term to generate internal revenues that can then be
deployed to develop the asset base and increase production
further.
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END
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