UK Oil & Gas Investments PLC Loan Conversion (5093X)
November 24 2017 - 11:13AM
UK Regulatory
TIDMUKOG
RNS Number : 5093X
UK Oil & Gas Investments PLC
24 November 2017
UK Oil & Gas Investments PLC
("UKOG" or the "Company")
Loan Conversion
UK Oil & Gas Investments PLC (London AIM: UKOG), announces
that, in relation to the GBP10 million financing announced on 15
November 2017 ("Loan"), it has received a notice of exercise from
Cuart Investments PCC Ltd and YA II PN Ltd ("Investors") to convert
part of the Loan, with an aggregate par value of GBP500,000, into
equity ("Conversion Notice").
The Company has therefore issued today 13,398,137 new ordinary
shares to the Investors ("Investor Shares"). The Investor Shares
will rank pari passu in all respects with the existing ordinary
shares.
Application has been made for these New Ordinary Shares to be
admitted to trading on AIM and it is anticipated that trading in
such shares will commence on or around 30 November 2017. After
today's conversion, the Par Value outstanding on the first GBP7.5
tranche of the Loan is GBP6.5 million. The second and final GBP2.5
million tranche will be paid to the Company on 31 December
2017.
Following Admission, the Company's enlarged issued share capital
will comprise of 3,573,658,732 ordinary shares. The Company does
not hold any shares in treasury. This figure of 3,573,658,732
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.
Loan Terms
The terms of the Loan, as stated by the Company on 15 November
2017, includes a provision that for as long as any portion of the
Loan is outstanding, neither the Investors nor any of their
affiliates;
i. shall hold any net short position with respect to the equity
of UKOG and
ii. can trade more than 15 % of the number of UKOG shares that
have traded in a trading day.
The Loan is convertible in tranches of not less than GBP250,000,
with a limit of GBP3 million per quarter, unless otherwise agreed
by the Company.
For further information, please contact:
UK Oil & Gas Investments 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 / Leif Powis Tel: 0207 397 8919
Public Relations
Brian Alexander / David Bick Tel: 01483 243450
UKOG Licence Interests
The Company has interests in the following ten UK Oil and Gas
licences:
Asset Licence UKOG's Licence Holder Operator Area (km(2) ) Status
Interest
---------------- --------- --------------- --------------- --------------- -------------- ----------------------
UKOG (GB) IGas Energy Field in stable
Avington (1) PEDL070 5% Limited Plc 18.3 production
---------------- --------- --------------- --------------- --------------- -------------- ----------------------
Baxters Copse PEDL233 50% UKOG Weald IGas Energy 89.6 Appraisal/development
(2) Limited Plc well planned; licence
extended to 2018
---------------- --------- --------------- --------------- --------------- -------------- ----------------------
Broadford Bridge PEDL234 100% Kimmeridge Oil Kimmeridge Oil 300.0 BB-1 & 1z drilling
(3) & Gas Limited & Gas Limited completed, testing of
(4) (4) multiple zones
underway
---------------- --------- --------------- --------------- --------------- -------------- ----------------------
Holmwood (3) PEDL143 40% UKOG Europa Oil & 91.8 Holmwood-1
Gas (Holdings) exploration well
plc planned in 2018
---------------- --------- --------------- --------------- --------------- -------------- ----------------------
UKOG (GB) IGas Energy Field in stable
Horndean (1) PL211 10% Limited Plc 27.3 production
---------------- --------- --------------- --------------- --------------- -------------- ----------------------
Horse Hill (5) PEDL137 32.435% Horse Hill Horse Hill 99.3 Planning Permission &
Developments Developments EA permit granted for
Ltd Ltd production tests and
two wells
---------------- --------- --------------- --------------- --------------- -------------- ----------------------
Horse Hill Horse Hill
Developments Developments
Horse Hill (5) PEDL246 32.435% Ltd Ltd 43.6 As above
---------------- --------- --------------- --------------- --------------- -------------- ----------------------
Isle of Wight P1916 100% UKOG Solent UKOG Solent 46.7 Reviewing M prospect
(Offshore) (3) Limited Limited viability and well
plan
----------------
Isle of Wight
(Onshore) (2, Preparing Arreton-3
3) PEDL331 65% UKOG UKOG 200.0 planning submission
---------------- --------- --------------- --------------- --------------- -------------- ----------------------
Markwells Wood PEDL126 100% UKOG (GB) UKOG (GB) 11.2 Submitted planning
(2) Limited Limited application for
appraisal and field
development
---------------- --------- --------------- --------------- --------------- -------------- ----------------------
Notes:
1. Oil field currently in production.
2. Oil discovery pending development and/or appraisal
drilling.
3. Exploration asset with drillable prospects and leads.
Contains the Broadford Bridge-1 and 1z discovery well and the
extension of the Godley Bridge Portland gas discovery.
4. UKOG has a 100% interest in Kimmeridge Oil & Gas Limited,
which has a 100% interest in PEDL234.
5. Oil discovery with recently completed flow testing.
6. UKOG has a direct 49.9% interest in HHDL, which has a 65%
interest in PEDL137 and PEDL246.
The information contained within this announcement is deemed by
the Company to constitute inside information under the Market Abuse
Regulation (EU) No. 596/2014.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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