Rockhopper Egypt was by far the best deal we've reviewed, says United Oil's Larkin

Brian Larkin, General Manager of United Oil & Gas (LON: UOG), said the purchase of Egyptian badets from Rockhopper Exploration was the promised transformational operation.

It was easily the best deal he saw and United looked a lot, he said.

With a cost of US $ 16 million, United has a net production of 1,100 barrels a day, with significant exploration potential.

Meanwhile, BP has become a financial partner and is investing $ 8.25 million in what Larkin describes as innovative financing.

Rockhopper takes a stake in United through the transaction.

Larkin adds, "We have already worked in Egypt before, we like the quality of oil, the tax conditions and the onshore badet."

The issue of claims in Egypt is also resolved.
"This agreement makes United a different company, with a larger footprint and significant production.

"We are a bigger entity and next year we will be even bigger."