Issue of Equity and Total Voting Rights

RNS Number : 2924N

UK Oil & Gas Investments PLC

25 July 2014

 

For immediate release

25 July 2014

UK Oil & Gas Investments Plc

("UKOG" or the "Company")

Equity Placement and Total Voting Rights

The Board of UKOG is pleased to announce that the Company has raised £2,000,000 before expenses by way of a Company arranged placing of 200,000,000 new ordinary  shares of 0.01p each in the Company ("Placing Shares") at a placing price of 1 pence per Placing Share to institutional and other investors ("Placing"). The proceeds of the Placing will be used to make further investments in accordance with the Company's investing policy and provide further working capital. As announced yesterday, UKOG has conditionally agreed to acquire Northern Petroleum Plc's UK production and exploration oil and gas interests for a total consideration of £1.5 million. Following completion of the Placing the Company will no longer elect to issue the Consideration Shares but will satisfy the consideration wholly in cash.

Application is being made for the Placing Shares, which will on issue rank pari passu with the existing Ordinary Shares, to be admitted to trading on AIM and such admission is expected to occur on or around 1 August 2014.

The Company will therefore have 1,293,230,175 Ordinary Shares in issue with voting rights and admitted to trading on AIM. This figure may be used by shareholders in the Company as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Service Authority's Disclosure and Transparency Rules.

David Lenigas, the Company's Chairman commented:

"The Placing significantly enhances the Company's balance sheet and enables the Company to continue to pursue further investments in the conventional onshore and offshore oil and gas in the UK."

Enquiries:

UK Oil & Gas Investments PLC	Tel: [phone]
David Lenigas / Donald Strang
Beaumont Cornish (Nominated Adviser)	Tel: [phone]
Roland Cornish / Michael Cornish / Emily Staples
XCAP Securities PLC (Corporate Broker)	Tel: [phone]
David Lawman
Square 1 Consulting (Public Relations)	Tel: [phone]
David Bick/Mark Longson

 

END

 

 

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