TIDMUKOG
RNS Number : 4897Y
UK Oil & Gas Investments PLC
06 December 2017
UK Oil & Gas Investments PLC
("UKOG" or the "Company")
Loan Conversion & Completion of Acquisition of 10% of
PEDL143
UK Oil & Gas Investments PLC (London AIM: UKOG), announces a
further conversion of loan notes and the completion of the
acquisition of a further 10% interest in PEDL143.
Loan Conversion
In relation to the GBP10 million financing announced on 15
November 2017 ("Loan"), UKOG has received a notice of exercise from
Cuart Investments PCC Ltd and YA II PN Ltd to convert part of the
Loan, with an aggregate par value of GBP500,000, into equity.
The Company has therefore issued today 14,159,092 new ordinary
shares to the Investors ("Loan Conversion Shares"). Loan Conversion
Shares will rank pari passu in all respects with the existing
ordinary shares.
After today's conversion, the Par Value outstanding on the first
GBP7.5 million tranche of the Loan is GBP6 million. The second and
final GBP2.5 million tranche will be paid to the Company on 31
December 2017.
Loan Terms
The terms of the Loan, as stated by the Company on 15 November
2017, includes a provision that for as long as any portion of the
Loan is outstanding, neither the Investors nor any of their
affiliates;
i. shall hold any net short position with respect to the equity
of UKOG and
ii. can trade more than 15% of the number of UKOG shares that
have traded in a trading day.
The Loan is convertible in tranches of not less than GBP250,000,
with a limit of GBP3 million per quarter, unless otherwise agreed
by the Company.
Completion of PEDL143 Acquisition, Holmwood Prospect, Weald
Basin, UK
Further to our announcement dated 25 September 2017, UKOG is
pleased to announce that it has received final regulatory consent
from the Oil and Gas Authority and has completed the acquisition of
a further 10% interest in UK onshore Weald Basin licence PEDL143,
from Warwick Energy Exploration and Production Limited
("Warwick").
This takes UKOG's interest in PEDL143 to 40%. PEDL143 covers
35.5 square miles and is located to the immediate west of Horse
Hill licence PEDL137, in which UKOG has a 32.435% interest. The
total Purchase Price is payable via the issue to Warwick of
9,382,271 new ordinary shares in UKOG ("Acquisitions Shares").
As previously reported, the Company will participate in the
drilling of the planned Holmwood-1 exploration well which will test
the Holmwood prospect's identified Portland sandstone, Kimmeridge
limestone and Corallian sandstone reservoir objectives.
Application has been made for the Loan Conversion Shares and the
Acquisition Shares to be admitted on AIM and it is anticipated that
trading in such shares will commence on or around 11 December
2017.
Following Admission of both the Loan Conversion Shares and the
Acquisition Shares, the Company's enlarged issued share capital
will comprise of 3,597,200,095 ordinary shares. The Company does
not hold any shares in treasury. This figure of 3,597,200,095
ordinary shares may be used by shareholders in the Company as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change in their
interest in, the share capital of the Company under the FCA's
Disclosure and Transparency Rules.
For further information, please contact:
UK Oil & Gas Investments PLC
Stephen Sanderson / Kiran Morzaria Tel: 01483 243450
WH Ireland (Nominated Adviser and Broker)
James Joyce /James Sinclair-Ford Tel: 020 7220 1666
Cenkos Securities PLC (Joint Broker)
Joe Nally / Leif Powis Tel: 0207 397 8919
Public Relations
Brian Alexander / David Bick Tel: 01483 243450
UKOG Licence Interests
The Company has interests in the following ten UK Oil and Gas
licences:
Asset Licence UKOG's Licence Holder Operator Area (km(2) ) Status
Interest
---------------- --------- --------------- --------------- --------------- -------------- ----------------------
UKOG (GB) IGas Energy Field in stable
Avington (1) PEDL070 5% Limited Plc 18.3 production
---------------- --------- --------------- --------------- --------------- -------------- ----------------------
Baxters Copse PEDL233 50% UKOG Weald IGas Energy 89.6 Appraisal/development
(2) Limited Plc well planned; licence
extended to 2018
---------------- --------- --------------- --------------- --------------- -------------- ----------------------
Broadford Bridge PEDL234 100% Kimmeridge Oil Kimmeridge Oil 300.0 BB-1 & 1z drilling
(3) & Gas Limited & Gas Limited completed, testing of
(4) (4) multiple zones
underway
---------------- --------- --------------- --------------- --------------- -------------- ----------------------
Holmwood (3) PEDL143 40% UKOG Europa Oil & 91.8 Holmwood-1
Gas (Holdings) exploration well
plc planned in 2018
---------------- --------- --------------- --------------- --------------- -------------- ----------------------
UKOG (GB) IGas Energy Field in stable
Horndean (1) PL211 10% Limited Plc 27.3 production
---------------- --------- --------------- --------------- --------------- -------------- ----------------------
Horse Hill (5) PEDL137 32.435% Horse Hill Horse Hill 99.3 Planning Permission &
Developments Developments EA permit granted for
Ltd Ltd production tests and
two wells
---------------- --------- --------------- --------------- --------------- -------------- ----------------------
Horse Hill Horse Hill
Developments Developments
Horse Hill (5) PEDL246 32.435% Ltd Ltd 43.6 As above
---------------- --------- --------------- --------------- --------------- -------------- ----------------------
Isle of Wight P1916 100% UKOG Solent UKOG Solent 46.7 Reviewing M prospect
(Offshore) (3) Limited Limited viability and well
plan
----------------
Isle of Wight
(Onshore) (2, Preparing Arreton-3
3) PEDL331 65% UKOG UKOG 200.0 planning submission
---------------- --------- --------------- --------------- --------------- -------------- ----------------------
Markwells Wood PEDL126 100% UKOG (GB) UKOG (GB) 11.2 Submitted planning
(2) Limited Limited application for
appraisal and field
development
---------------- --------- --------------- --------------- --------------- -------------- ----------------------
Notes:
1. Oil field currently in production.
2. Oil discovery pending development and/or appraisal
drilling.
3. Exploration asset with drillable prospects and leads.
Contains the Broadford Bridge-1 and 1z discovery well and the
extension of the Godley Bridge Portland gas discovery.
4. UKOG has a 100% interest in Kimmeridge Oil & Gas Limited,
which has a 100% interest in PEDL234.
5. Oil discovery with recently completed flow testing.
6. UKOG has a direct 49.9% interest in HHDL, which has a 65%
interest in PEDL137 and PEDL246.
The information contained within this announcement is deemed by
the Company to constitute inside information under the Market Abuse
Regulation (EU) No. 596/2014.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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