Notice of General Meeting Resumption

UK Oil & Gas PLC

23 February 2024

 

UK Oil & Gas PLC

("UKOG" or the "Company")

Notice of General Meeting Resumption

UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce that the General Meeting ("GM") which was adjourned on Friday 16^th February, will now be reconvened at 1100 hrs on Tuesday 5^th March 2024 at 8^th Floor, The Broadgate Tower, 20 Primrose Street, London EC2A 2EW ("Reconvened GM").

Please note that valid proxy instructions that were submitted for the GM of 16^th February 2024 will remain valid for the Reconvened GM and shareholders who have already voted via proxy do not need to submit a new proxy unless they wish to change how their proxy should vote. Proxy forms for the Reconvened GM may be submitted up to 11 a.m. on 1^st March 2024. Proxy forms must be submitted in accordance with the instructions set out in the form of proxy set out in the notice of the Reconvened GM dated today.

The notice of the Reconvened GM will be made available on the Company's website at and hard copies www.ukogplc.com will today be posted to shareholders.

The Company notes queries from shareholders in relation to the deferred B shares. The deferred B shares are being created solely as an established method to facilitate the capital reorganisation, consent for which is sought by Resolutions 1, 2 and 4. The capital reorganisation seeks to reduce the number of shares to a more manageable level, to satisfy certain obligations owed by the Company under the funding facility agreement as announced on 28 June 2023 and to reset the nominal share value so as not to hinder the future issue of new shares should the share price be below the current nominal value. The Company confirms that the deferred B shares will have no economic value, no voting rights and will not be admitted to trading. The Company will seek to cancel the deferred B shares in the future subject to such cancellation being permitted and it being cost effective to do so.

Resolutions 3 and 5 are being proposed at the Reconvened GM to allow the Company to raise funds this year to deliver its stated strategy and growth objectives, which include progressing both the material Loxley gas development and the strategic Portland hydrogen storage project, one of the largest planned in the UK. Failure to carry resolutions 3 and 5 will, therefore, mean that the Company will not be able to fully implement its operational and growth strategy.

The Directors therefore seek specific shareholder approval for authority to undertake the necessary capital reorganisation, issue shares and dis-apply pre-emption rights in respect of those shares in order that the Company can raise money for its working capital obligations.

The result of the Reconvened GM will be announced shortly after its conclusion and published on the UKOG website.

For further information, please contact:

UK Oil & Gas plc

Stephen Sanderson / Guzyal Mukhametzhanova                                                                              Tel: [phone]

WH Ireland Ltd (Nominated Adviser and Broker)                                                            

James Joyce / Andrew de Andrade / James Bavister                                                        Tel: [phone]

Communications

Brian Alexander                                                                                                                                                Tel: [phone]  

 

END