Further Reduction in Loan Balance

RNS Number : 2840O

UK Oil & Gas PLC

28 May 2020

 

UK Oil & Gas PLC

("UKOG" or the "Company")

Further Reduction in Loan Balance

UK Oil & Gas PLC (London AIM: UKOG), is pleased to announce that it has repaid a further £75,000 of the £5.5 million convertible loan note ( "Loan") with Riverfort Global Opportunities PCC Limited and YA II PN Ltd (" Investors") . The repayment has reduced the Loan's balance to £1.85 million.

The repayment was made via the conversion mechanism outlined in the announcements dated 27 September 2019 and 12 February 2020. Therefore, the Company has today allotted 41,753,653 new ordinary shares to the Investors ("Investor Shares"). The Investor Shares will rank pari passu in all respects with the existing ordinary shares. It is anticipated that the Investor Shares will be admitted to trading on AIM on or around 3 June 2020 ("Admission").  

Following Admission of the Investor Shares, the Company's issued share capital will comprise 8,686,803,221  ordinary shares. As the Company does not hold any shares in treasury, this figure of 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 PLC

Stephen Sanderson / Kiran Morzaria                                                      Tel: [phone]

WH Ireland Ltd  (Nominated Adviser and Broker)

James Joyce / James Sinclair-Ford  Tel: [phone]

Cenkos Securities PLC  (Joint Broker)

Joe Nally / Neil McDonald   Tel: [phone]

Novum Securities  (Joint Broker) 

John Bellis                                                                                                   Tel: [phone]

Public Relations

Brian Alexander                                                                 Tel: [phone]

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

 

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