UK Oil & Gas PLC (LON:UKOG)

UK Oil & Gas PLC (LON:UKOG)


Share Price
0.93 p
Change
-0.05 (-5.13 %)
Market Cap
£56.27 m
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UK Oil & Gas PLC RNS Release

Completion of Acquisition in Horse Hill


RNS Number : 6680Q
UK Oil & Gas PLC
21 February 2019
 

UK Oil & Gas PLC

("UKOG" or the "Company")

 

Completion of 6% Interest Acquisition in Horse Hill Oil Field and Licences

 

UK Oil & Gas PLC (London AIM: UKOG) announces that it has completed the previously announced acquisition of the 6% shareholding in Horse Hill Developments Ltd ("HHDL") from Doriemus PLC ("the Vendor"). The Company now owns a controlling 77.9% interest in its subsidiary HHDL and holds a majority 50.64% beneficial interest in the Horse Hill oil field and surrounding geologically prospective PEDL137 and PEDL246 licences ("the Licences").

 

Transaction Summary

The Company has acquired from the Vendor a 6% interest in HHDL, equating to a 3.9 % beneficial interest in the oil field and Licences. The total consideration is £2,100,000 settled by the issue of 129,629,630 new ordinary shares in UKOG ("Consideration Shares") as outlined in the announcement of the 14 February 2019.

 

An application has been made for the Consideration Shares to be admitted to trading on AIM, which are expected to be admitted on or around 28 February 2019 ("Admission").

 

Following Admission, the Company's enlarged issued share capital will comprise 5,714,273,186 ordinary shares. The Company holds no shares in treasury. The enlarged ordinary share capital figure may be used by shareholders in the Company as the denominator for the calculations by which they can 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. 

 

HHDL and the Licences

UKOG's subsidiary HHDL owns a 65% working interest and operatorship of the Licences, with the remaining 35% interest being held by Magellan Petroleum (UK) Limited.

 

The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014.

 

 For further information; please contact:

 

UK Oil & Gas 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 / Neil McDonald                                                                                        Tel: 0207 397 8919

 

Novum Securities  (Joint Broker) 

John Bellis / Colin Rowbury                                                                                      Tel: 020 7399 9425

 

Public Relations

Brian Alexander / David Bick                                                                                    Tel: 01483 243450


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 [email protected] or visit www.rns.com.
 
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