Placing - Further Funding for Weald Basin

RNS Number : 4008Z

UK Oil & Gas Investments PLC

26 May 2016

 

UK Oil & Gas Investments PLC

("UKOG" or the "Company")

Placing for  Further Funding for Weald Basin Activities

UK Oil & Gas Investments PLC (London AIM and ISDX: UKOG) is pleased to announce that it has today raised gross proceeds of £4 million through the placing of 266,666,667 new ordinary shares in the Company ("New Shares") at 1.5 pence per share to funds managed by an institutional fund manager.

The proceeds of the placing will be used to supplement the Company's existing cash balances to specifically facilitate:

•   Furthering the Company's existing Weald Basin portfolio activities, and in particular those activities focussed on near term strategic growth;

•   Potential investment into new Weald Basin and Southern UK onshore oil and gas activities within the Company's investment strategy;

•   General corporate purposes.

Transaction Summary

The Company will applyfor the admission of the New Shares to trading on AIM and such trading is expected to take place on or around 2 June 2016 ("Admission"). Following Admission, the Company's issued share capital will consist of 2,310,117,353 Ordinary Shares with no Ordinary Shares held in treasury. Therefore, the above figure of 2,310,117,353 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in UK Oil & Gas Investments PLC under the FCA's Disclosure and Transparency Rules.

For further information, please contact:

UK Oil & Gas Investments PLC

Stephen Sanderson / Jason Berry                                                                             Tel: [phone]

WH Ireland (Nominated Adviser and Broker)

James Joyce / Mark Leonard                                                                                      Tel: [phone]

Square 1 Consulting (Public Relations)

David Bick / Brian Alexander                                                                                      Tel: [phone]

Notes to Editors:

The Company has interests in the following UK licences:

Asset	Licence	UKOG's Interest	Licence Holder	Operator	Area (km2)	Status
Avington 1	PEDL070	5%	UKOG (GB) Limited	IGas Energy Plc	18.3	Field in stable production.
Baxters Copse 2	PEDL233	50%	UKOG Weald Limited	IGas Energy Plc	89.6	Reviewing economics of appraisal/ development well.
Brockham 1	PL234	3.6%	Angus Energy 5	Angus Energy 5	8.9	Drilling of sidetrack well being considered.
Holmwood 3	PEDL143	30%	UKOG	Europa Oil & Gas (Holdings) plc	91.8	H-1 exploration commitment well planned.
Horndean 1	PL211	10%	UKOG (GB) Limited	IGas Energy Plc	27.3	Field in stable production.
Horse Hill 4	PEDL137	27.3%	Horse Hill Developments Ltd 6	Horse Hill Developments Ltd 6	99.3	Extended flow testing of HH-1.
Horse Hill 4	PEDL246	27.3%	Horse Hill Developments Ltd 6	Horse Hill Developments Ltd 6	43.6	Extended flow testing of HH-1.
Isle of Wight (Offshore) 3	P1916	77.5%	UKOG Solent Limited	UKOG Solent Limited	46.7	Preparing drilling planning submission.
Isle of Wight (Onshore) 2, 3	PEDL331	65%	UKOG	TBA	200.0	Preparing drilling planning submission.
Lidsey 1	PL241	4.2%	Angus Energy 5	Angus Energy 5	5.3	Drilling of infill well being considered.
Markwells Wood 2	PEDL126	100%	UKOG (GB) Limited	UKOG (GB) Limited	11.2	Compiling Field Development Plan.

Notes:

1. Oil field currently in production.

2. Oil discovery pending development and/or appraisal drilling.

3. Exploration asset with drillable prospects and leads.

4. Oil discovery with recently completed successful flow testing.

5. UKOG has a 6% interest in Angus Energy, which has a 70% interest in Lidsey and a 60% interest in Brockham.

6. UKOG has a direct 42% interest in HHDL which has a direct 65% interest in PEDL137 and PEDL246.

 

END

 

 

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