Dublin-based exploration company United Oil and Gas (UOG) is to take a share listing on the London Stock Exchange via a reverse takeover of British company Senterra.
UOG — led by two former Tullow Oil executives — is also targeting further additions to its growing asset portfolio following its recent purchase of a 20% stake in the Podere Gallina licence in northern Italy.
Last week, UOG announced it had farmed into the licence, which is controlled by Australian-based and Italian-focused explorer Po Valley Energy and lies in one of Europe’s most prolific gas regions.
“The downturn in the oil and gas market has presented debt-free market entrants, such as the UOG Group, with an excellent opportunity to build an exciting portfolio of assets. We have already had success in this regard and remain actively engaged in seeking new opportunities in the market.” said UOG’s chief executive Brian Larkin.
UOG was established by Mr Larkin and chief operating officer Jonathan Leather with the aim of acquiring non-core oil and gas licences from larger companies and becoming an active partner to help unlock previously untapped value. Mainly focused on Europe, the company’s first acquisition was a stake in an onshore UK licence last summer.
The reverse takeover of Senterra and subsequent listing is expected to complete by early July, upon which time Senterra — which was formed in 2015 to undertake acquisitions but failed to identify a suitable target — will change its name to United Oil and Gas.