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UK Oil & Gas PLC (UKOG)

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Tuesday 25 September, 2018

UK Oil & Gas PLC

Completion of Further Interest in HHDL

RNS Number : 7761B
UK Oil & Gas PLC
25 September 2018
 

UK Oil & Gas PLC

("UKOG" or the "Company")

 

Completion of acquisition of 22% Interest in Horse Hill Oil Discovery and Licences

PEDL137 and PEDL246 Licences, Weald Basin, UK

 

UK Oil & Gas PLC (London AIM: UKOG) announces that it has completed the acquisition of the 22% shareholding in Horse Hill Developments Ltd ("HHDL") from Gunsynd PLC, Primorus Investments PLC and Solo Oil PLC ("the Vendors"). These acquisitions were announced on 20 and 30 August 2018. The Company now owns 71.9% of HHDL and holds a 46.735% beneficial interest in the onshore Weald Basin licences PEDL137 and PEDL246 ("the Licences"). UKOG is now the single largest shareholder in HHDL and the largest single largest beneficiary in the Licences.

 

Transaction Summary

For a total consideration of £6.6 million, the Company has acquired the Vendors' 22% interest in HHDL, equating to a 14.3% beneficial interest in the Licences. The total Consideration is comprised of £425,000 payable in cash and £6,175,000 in the form of the issue of new ordinary shares in UKOG ("Consideration Shares") as outlined in the announcements of the 20 and 30 August 2018.

 

As such an application has been made for 328,858,149 new ordinary shares to be admitted to trading on AIM and it is anticipated that trading in such shares will commence on or around 28 September 2018.

 

Following Admission, the Company's enlarged issued share capital will comprise 5,566,524,206 ordinary shares. The Company does not hold any shares in treasury. This figure of 5,566,524,206 ordinary shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules. 

 

HHDL and the Company's Interest in the Licences

HHDL owns a 65% working interest and operatorship of the Licences. UKOG owns a 71.9% beneficial shareholding in HHDL, which equates to a 46.735% net working interest in the Licences. The remaining 35% interest in the Licences is held by Magellan Petroleum (UK) Limited.

 

The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014.

 

 For further information; please contact:

 

UK Oil & Gas PLC

Stephen Sanderson / Kiran Morzaria                                                                      Tel: 01483 243450

 

WH Ireland (Nominated Adviser and Broker)

James Joyce / James Sinclair-Ford                                                                           Tel: 020 7220 1666

 

Cenkos Securities PLC (Joint Broker)

Joe Nally / Neil McDonald                                                                                           Tel: 0207 397 8919

 

Novum Securities  (Joint Broker) 

John Bellis / Colin Rowbury                                                                                        Tel: 020 7399 9425

 

Public Relations

Brian Alexander / David Bick                                                                                      Tel: 01483 243450

 

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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