12th Mar 2020 17:25
(Alliance News) - United Oil & Gas PLC on Thursday said it has appointed Stewart MacDonald as non-executive director pursuant to the company's acquisition of Rockhopper Egypt Pty Ltd from Rockhopper Exploration PLC.
Earlier in February, United Oil completed the purchase of Rockhopper Egypt from Rockhopper for USD16 million. Rockhopper Egypt holds a 22% non-operated interest in the Abu Sennan concession, where production averaged 7,900 barrels of oil equivalent per day in the first half on February.
The AIM listed oil & gas exploration company said MacDonald has 17 years of energy and corporate finance experience. He was appointed as chief financial officer of Rockhopper in March 2014
Graham Martin, United's chair, said: "I am delighted to welcome Stewart to the board of United Oil & Gas. His familiarity with the Abu Sennan asset and experience in Egypt will prove invaluable to United. We are sure Stewart will make a very positive contribution to the board."
Shares in United Oil closed 16% lower at 1.72 pence each in London on Thursday. Rockhopper shares closed 19% lower at 5.20p each.
By Tapan Panchal; [email protected]
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