Investment update

RNS Number : 7119I

RiverFort Global Opportunities PLC

12 August 2019

 

12 August 2019

RiverFort Global Opportunities plc

("RGO" or the "Company")

Investment update

The Company is pleased to announce that it has agreed to participate in the £5.5 million loan agreement ("Loan") announced by UK  Oil & Gas plc ("UKOG") on 7 August 2019 in connection with its acquisition of Magellan Petroleum (UK) Investment Holdings Limited ("Magellan") for a total consideration of £12 million in cash and shares. Magellan holds a 35% direct interest in the Horse Hill oil field and surrounding highly prospective PEDL137 and PEDL246 licences, UKOG's flagship asset.

The Company's participation in the Loan is expected to be £700,000 and will be via a participation certificate issued by RiverFort Global Opportunities PCC Limited.

UKOG is an AIM-listed independent oil and gas company with a current market capitalisation of around £50 million.  It is focused primarily on oil and gas assets located in the Weald Basin in Southern England. It has a portfolio of direct and indirect investments in eight UK onshore exploration, appraisal, development and production assets.  As at 30 September 2018, the company had net assets of £36.8 million.  Further information on the company is available at ukogplc.com.

The Company continues to actively deploy its investment capital and has, in recent weeks made additional investments totalling over £150,000.

Phillip Haydn-Slater, Non-executive Chairman commented:

"We are experiencing a continued strong demand for our investment funds and are confident that attractive investment opportunities will continue to present themselves to us."

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

For more information please contact:

RiverFort Global Opportunities plc		[phone]
Phillip Haydn-Slater, Non-executive Chairman
Nominated Adviser		[phone]
Beaumont Cornish
Roland Cornish/Felicity Geidt
Joint Broker		[phone]
Shard Capital Partners LLP
Damon Heath/ Erik Woolgar
Joint Broker		[phone]
Peterhouse Capital Limited
Lucy Williams

 

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