United Oil & Gas has announced an update in relation to Egyptian receivables
United has received a payment from Egyptian General Petroleum Corporation (EGPC) for USD$1mn. These funds will be used to extinguish the debt and leave the company debt free while the paperwork to withdraw from Abu Sennan concession is finalised.
The remaining receivable balance is the equivalent of USD$0.5mn and is anticipated to be received over the coming months.
A further update on the completion of the settlement of the debt will be made shortly.
United CEO, Brian Larkin commented, "We are pleased to have received the funds from EGPC as this enables us to settle our debt and move the business forward, focusing on our key assets of Jamaica and Waddock Cross.
We will finalise settlement with our debt provider and issue a further update to shareholders shortly."
