TIDMUOG
RNS Number : 0463B
United Oil & Gas PLC
18 September 2018
THIS ANNOUNCEMENT IS RESTRICTED AND IS NOT FOR RELEASE,
PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, IN, INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA,
JAPAN OR THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN
WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE
UNLAWFUL.
This announcement does not constitute a prospectus or offering
memorandum or an offer in respect of any securities and is not
intended to provide the basis for any investment decision in
respect of United Oil & Gas Plc or other evaluation of any
securities of United Oil & Gas Plc or any other entity and
should not be considered as a recommendation that any investor
should subscribe for or purchase any such securities.
United Oil & Gas Plc / Index: LSE / Epic: UOG / Sector: Oil
& Gas
18 September 2018
United Oil & Gas Plc ('United' or 'the Company')
Oversubscribed Placing to Raise GBP3 million and Notice of
General Meeting
Highlights:
-- GBP3.0m (gross) raised by an oversubscribed conditional
placing and subscription of a total of approximately 54.5 million
shares at 5.5p per share, with warrants attached on a 3 warrants
for 4 shares basis at a strike price of 8p
-- Funds to be used to pursue new projects in line with dual
Company focus to build a portfolio of low risk, late stage
appraisal/development projects in Europe and high impact
exploration plays in the Caribbean, Latin America and Africa
-- Evaluation of a number of new potential projects underway
-- Portfolio currently includes commercial discoveries and
appraisal projects in the UK, near term gas production
opportunities onshore Italy and high-impact exploration
opportunities offshore Jamaica
-- Value-driving activity expected in the coming months
including drilling at UK near shore Colter discovery and results of
processing and interpretation of 3D seismic, offshore Jamaica
United Oil & Gas Plc, the London Stock Exchange listed oil
and gas exploration and development company, is pleased to announce
that it has raised GBP3 million (gross) via an oversubscribed
placing and subscription (the 'Placing') with existing and new
investors of 54,545,454 new ordinary shares of 1p each in the
Company (the 'Placing Shares') at a price of 5.5 pence per Placing
Share ('the Placing Price').
Placees shall also receive a total of 40,909,080 warrants over
ordinary shares in the Company ('Warrants'), on the basis of 3
Warrants, exercisable at 8p per share, for every 4 Placing Shares,
rounded down to the nearest Warrant. The Warrants will have a
4-year life and shall be exercisable from the first anniversary of
issue. The Warrants will not be listed. The issue of the Shares and
the Warrants are subject to shareholder approval, as detailed
further below.
The Placing has been supported by certain strategic investors in
recognition of the quality and underlying value of United's
existing assets and management's ability to use this as a platform
from which to further grow the Company and build value.
United has a dual-focused portfolio of low risk, late stage
appraisal/development projects in Europe and high-impact
exploration plays in the Caribbean, Latin America, and Africa. The
Company is evaluating a number of potential projects and the Board
believes the new funds will assist in securing one or more of these
projects, should the Board believe that the projects represent
attractive opportunities for shareholders.
United Oil & Gas Plc CEO, Brian Larkin, said, "We are
delighted with the result of this oversubscribed placing. This is
further validation of our strategy of building a strong and diverse
portfolio of late stage development projects in Europe, and
high-impact exploration in the Caribbean.
"Our portfolio already includes a commercial gas discovery
onshore Italy that is currently going through the permitting
process, an interest in the upcoming well to appraise the Colter
discovery in the UK which lies on the same trend as onshore
Europe's most prolific oil field, and a 20% interest in the Tullow
Oil-operated Walton-Morant licence, offshore Jamaica which holds
the high grade 200mmbbl Colibri target. We do not intend to stop
here, and these funds will be used to facilitate the expansion of
our portfolio, as we look to add to the long pipeline of value
driving opportunities which our shareholders are already exposed
to. I look forward to providing further updates on our progress in
the near future which will reward the support of both new and
existing shareholders."
Notice of General Meeting
The issue of the Placing Shares and the Warrants are subject to
the approval of renewed shareholder authorities. Accordingly, the
Company will shortly be despatching a circular containing a notice
convening a general meeting ('GM Notice') to be held on or around 8
October 2018, at which resolutions (the 'Resolutions') will be
proposed in order to implement the Placing and issue of Warrants.
The GM Notice includes a recommendation that all shareholders vote
in favour of the Resolutions, as each Director intends to do so in
respect of his own holding of ordinary shares.
Application will be made for the Placing Shares, which will rank
pari passu with the Company's existing ordinary shares, to be
admitted to listing on the standard listing segment of the Official
List of the UK Listing Authority and to trading on the London Stock
Exchange's main market for listed securities ('Admission').
Admission is currently expected on or around 10 October 2018. No
such application is being made in respect of the Warrants.
**ENDS**
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014 ('MAR'). In addition,
market soundings (as defined in MAR) were taken in respect of
certain of the matters contained in this announcement, with the
result that certain persons became aware of such inside
information, as permitted by MAR. Upon the publication of the
announcement via a Regulatory Information Service, this inside
information is now considered to be in the public domain and such
persons shall now cease to be in possession of inside
information.
For more information please visit the Company's website at
www.uogplc.com or contact:
United Oil & Gas Plc (Company)
Brian Larkin brian.larkin@uogplc.com
Optiva Securities Limited (Broker)
Christian Dennis +44 (0) 20 3137 1902
Stockdale Securities Limited
(Placing Agent)
Robert Finlay and David Coaten +44 (0) 20 7601 6100
Beaumont Cornish Limited (Financial
Adviser)
Roland Cornish and Felicity Geidt +44 (0) 20 7628 3396
Murray (PR Advisor) +353 (0) 87 6909735
Joe Heron jheron@murrayconsultants.ie
St Brides Partners (Financial
PR/IR)
Frank Buhagiar and Juliet Earl +44 (0) 207 236 1177
Notes to Editors
United Oil & Gas Plc (UOG) is listed on the main market of
the London Stock Exchange. United was established to explore,
appraise and develop low risk assets in Europe and to develop
higher risk, higher impact exploration projects in the Caribbean,
Latin America and Africa.
The following table outlines the Company's licence
interests:
Country Licence Operator United Interest
Podere Gallina Po Valley Energy
Italy Licence Limited 20%
------------------- -------------------- ----------------
Waddock Cross Egdon Resources UK
United Kingdom Field Limited 26.25%
------------------- -------------------- ----------------
Egdon Resources UK
United Kingdom PL090 Exploration Limited 18.95%
------------------- -------------------- ----------------
Corallian Energy
United Kingdom P1918 Limited 10%
------------------- -------------------- ----------------
Corallian Energy
United Kingdom PEDL 330 Limited 10%
------------------- -------------------- ----------------
Corallian Energy
United Kingdom PEDL 345 Limited 10%
------------------- -------------------- ----------------
United Oil & Gas
United Kingdom P2366 Plc 95%
------------------- -------------------- ----------------
Jamaica Walton-Morant Tullow Jamaica Ltd 20%
------------------- -------------------- ----------------
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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