Kerman & Co advises United Oil & Gas on LSE Main Market IPO

July 31, 2017

Kerman & Co’s Capital Markets team advised the United Oil & Gas group of companies (“UOG”) in connection with its acquisition by Senterra Energy plc, constituting a reverse takeover, and readmission of the enlarged group’s share capital to the Official List (by way of a Standard Listing) and to trading on the London Stock Exchange’s Main Market for listed securities. Concurrent with readmission, UOG raised £3 million by way of a fully subscribed Placing which it will utilise in evaluating potential acquisitions and farm-in opportunities. The enlarged group trades under the name United Oil & Gas Plc (LSE: UOG).

UOG was established in 2015, with a strategy to acquire non-core oil and gas licences from larger oil and gas companies, with the goal of being an active partner to unlock previously untapped value. Based in Dublin, Ireland, UOG is led by Brian Larkin (CEO) and Dr Jonathan Leather (Technical Director), a former Tullow Oil team. UOG is primarily focusing on Europe, taking advantage of the management team’s extensive experience in this market and benefitting from the stable political and fiscal systems in the region. UOG’s first licence acquisition was in August 2016, when it acquired First Oil Expro’s stake in the PL090 Licence. The PL090 Licence is situated in the Wessex Basin, a long-established productive basin that contains Wytch Farm, the largest onshore oilfield in Europe. The licence includes an existing onshore field and access to significant exploration opportunities. Concurrent with completion of the Placing, UOG has acquired from Po Valley Energy a 20 per cent. interest in the Podere Gallina Licence in Po Valley in Northern Italy, where drilling on a well in the Selva field is scheduled to take place in October.

Simon Holden and Jack Kemmish, members of the Capital Markets team, advised UOG.

Brian Larkin, CEO of UOG, commented: “We are delighted to complete this transaction. Simon and Jack are an extension of our team and we have relied upon them for solid and sensible advice which has contributed greatly to the overall success of UOG. We have been working with Kerman & Co since the formation of UOG and their support over the last two years has been instrumental in our success to date. We have a close relationship with their team and we look forward to working with them on follow up acquisitions.”

Simon Holden, Partner at Kerman & Co, commented: “This transaction was a tremendously enjoyable and rewarding one for us. Our firm has worked with the UOG team since the company’s inception, and the listing is the culmination of Brian’s and Jon’s tireless efforts over the past couple of years. We have really enjoyed working with them so closely, and look forward to continuing to do so. Brian and Jon can be justifiably proud of their achievements to date. They are a talented team clearly capable, given their previous experience, of identifying, analysing and negotiating excellent projects with an appropriate mix of risk versus reward for shareholders. With a lot more of the story to write from here, we look forward to contributing. The transaction was particularly rewarding in that it showcases our ability to advise on Main Market transactions as well as those on AIM, for which we are much better known.”

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