Proposed Admission to AIM

RNS Number : 6994O

United Oil & Gas PLC

31 January 2019

 

United Oil & Gas PLC / Index: LSE / Epic: UOG / Sector: Oil & Gas

31 January 2019

United Oil & Gas PLC ("United" or the "Company") 

Proposed Admission to AIM 

and

Cancellation from the Official List

United Oil & Gas Plc, the London Stock Exchange listed oil and gas exploration and development company, announces that the Board proposes to apply for the Company's Ordinary Shares of 1p each ('Ordinary Shares') to be admitted to trading on the AIM market of the London Stock Exchange ('Admission').  In tandem with this, the Company proposes to cancel the Company's Ordinary Shares from the standard segment of the Official List and from trading on the London Stock Exchange's Main Market for listed securities ('Cancellation').  The Board believes that the move to AIM is in the best interests of the Company and its shareholders as, in the opinion of the Directors, AIM represents a better fit for fast growing companies of United's size and is expected to lead to significant cost and administrative savings for the Company.

Details of Cancellation and Admission

Given the Company is listed on the standard segment of the Official List, Shareholder approval is not required to effect Cancellation. Accordingly, the Company will apply to cancel the listing of the Ordinary Shares on the Official List and their admission to trading on the London Stock Exchange's Main Market for listed securities, and will simultaneously apply to the London Stock Exchange for the admission of the Ordinary Shares to trading on AIM. The AIM Admission Document, when finalised, will be published and it is anticipated that the last day of dealings of the Ordinary Shares on the Main Market will be 27 February 2019 and the effective date of the Move to AIM will be 28 February 2019, being not less than 20 business days from the date of this announcement.

Following Cancellation and Admission, Ordinary Shares that are held in uncertificated form will continue to be held and dealt through CREST. Share certificates representing those Ordinary Shares held in certificated form will continue to be valid and no new Ordinary Share certificates will be issued.

Beaumont Cornish is acting as Financial Adviser to the Company in connection with the Admission to AIM and will act as Nominated Adviser to the Company on Admission becoming effective.  Optiva Securities will continue to act as the Company's broker. 

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.

**ENDS**

For more information please visit the Company's website at www.uogplc.com or contact: 

United Oil & Gas Plc (Company)
Brian Larkin	[e-mail]
Beaumont Cornish Limited (Financial Adviser and Nominated Adviser on Admission)
Roland Cornish and Felicity Geidt	[phone]
Optiva Securities Limited (Broker)
Christian Dennis	[phone]
Murray (PR Advisor)	[phone]
Joe Heron	[e-mail]
St Brides Partners (Financial PR/IR)
Frank Buhagiar and Juliet Earl	[phone]

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
Italy	Podere Gallina Licence	Po Valley Energy Limited	20%
United Kingdom	Waddock Cross Field	Egdon Resources UK Limited	26.25%
United Kingdom	PL090 Exploration	Egdon Resources UK Limited	18.95%
United Kingdom	P1918	Corallian Energy Limited	10%
United Kingdom	PEDL 330	Corallian Energy Limited	10%
United Kingdom	PEDL 345	Corallian Energy Limited	10%
United Kingdom	P2366	United Oil & Gas Plc	95%
Jamaica	Walton-Morant	Tullow Jamaica Ltd	20%

 

END

 

 

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