TIDMUOG
RNS Number : 4920M
United Oil & Gas PLC
31 July 2017
31 July 2017
United Oil & Gas Plc
(formerly Senterra Energy plc)
("UOG" or the "Company")
Readmission to Trading
The Board of the Company is pleased to announce that following
Acquisition of the UOG Group and the Placing raising GBP3 million
before expenses, the Company's Enlarged Share Capital is today
admitted to the Official List (Standard Segment) and to trading on
the London Stock Exchange's Main Market for listed securities.
Brian Larkin, the Company's CEO, commented: "We are delighted to
list United Oil & Gas Plc on the London Stock Exchange along
with completing a fully subscribed share placing of GBP3million.
Our work programs are wholly funded and we look forward to drilling
our first well in the Selva field in the Po Valley in Italy, in
October. In addition, we continue to evaluate further potential
acquisitions and farm-in opportunities".
Information on the Enlarged Group
The UOG Group, established in 2015, has a strategy to acquire
non-core oil and gas licences from larger oil and gas companies,
with the goal of being an active partner to unlock previously
untapped value and thus generating value for Shareholders.
UOG is primarily focusing on Europe, taking advantage of the
management team's extensive experience in this market and
benefitting from the stable political and fiscal systems in the
region.
Current Portfolio
Ø Waddock Cross Field Project (UK)
In August 2016, UOG UK acquired First Oil's stake in the PL090
Licence, which includes: the Waddock Cross Field itself
(approximately 19 km(2) ) and the further exploration area within
the PL090 Licence (approximately 183 km(2) ). UOG's PL090 Licence
interests are summarised in Table 1.3 below.
Table 1.1: Waddock Cross Field Project Summary
Base-case Near-Term Activity
Equity CoS Resource Net
Asset (%) (%) Type Resources
Waddock Cross 26.25 N/A(1) Contingent 0.32mmbbls(1) Seismic reprocessing
underway. Well
operations scheduled
for end
'17/early '18
Seismic reprocessing
to assist drilling
Prospective decision underway.
Broadmayne 18.95 25 0.38mmbbls(2) Potential well
H2 2018.
(1) the Net Contingent Resources are unrisked in that they have
not been multiplied by a chance of development.
(2) the Net Prospective Resources are unrisked in that they have
not been multiplied by the geological chance of success (COS).
Table 1.3: Summary of interests in the PL090 Licence
Licence
Licence block Company Interest expiry
(%) date
Waddock Cross Egdon Resources UK 55.00% 31 March
PL090 Limited 2024
UOG UK 26.25%
Aurora Exploration
(UK) Ltd 18.75%
Egdon Resources UK
Exploration PL090 Limited 42.50%
UOG UK 18.95%
Aurora Exploration
(UK) Ltd 13.54%
Corfe Energy Limited 25.00%
Ø Podere Gallina Project (Italy)
On 4 May 2017, UOG and Po Valley Operations Pty Ltd ("PVO"), a
company incorporated and registered in Australia, a wholly owned
subsidiary of Po Valley Energy Ltd ("PVE"), entered into the Podere
Gallina Farm-in Agreement ("Farm-in Agreement"), pursuant to which
PVO conditionally agreed to sell to UOG, a 20 per cent. interest in
the Podere Gallina Exploration Licence held by PVE and awarded by
the Ministry of Economic Development (the "Ministry") on 2 December
2008 (the "Exploration Licence"), and which includes the Podere
Maiar-1 exploration well.
The principal condition of the Farm-in Agreement was that UOG
raise a minimum of GBP3 million. Accordingly, having completed the
Placing, the Farm-in Agreement is now unconditional.
Pursuant to the Farm-in Agreement, UOG has a 20 per cent.
working interest in the Exploration Licence on funding 40 per cent.
of the cost of the Podere Maiar appraisal well that is scheduled to
be drilled in Q4 2017. PVE, which was awarded the Exploration
Licence in September 2008, is the licence operator and has an 80
per cent. working interest in the Exploration Licence.
Accordingly, UOG has the following interest in the Exploration
Licence:
Table 0.6: Podere Gallina licence details
Operator UOG Interest (%) Status Licence expiry date Licence Area
Po Valley Energy Ltd 20% Exploration 2 September 2017
(suspension application filed to
3 February 2018 - 506 km(2)
see below)
Table 1.2: Podere Gallina Project Summary
Base-case Near-Term Activity
Equity CoS Resource Net
Asset (%) (%) Type Resources
Podere Maiar 20 N/A(1) Contingent 0.57mmboe Rig contracted
(Selva Strat) for drilling
in Q4 '17
3D seismic to
de-risk
prospect planned
East Selva 20 13 Prospective 1.16mmboe post-
Podere Maiar
well
3D seismic to
de-risk
prospect planned
Fondo Perino 20 34 Prospective 0.49mmboe post-
Podere Maiar
well
Plans to be
firmed-up
post-Podere
Cembalina 20 51 Prospective 0.11mmboe Maiar well
(2018)
(1) Minimal geological risk, as hydrocarbons are already
proven
Board Changes
Effective from today, both Kurt Portmann and Jeremy King have
resigned as directors of the Company. Brian Larkin has been
appointed as Chief Executive Officer and Dr Jonathan Leather as
Technical Director of the Company whilst Alberto Cattaruzza remains
Non-Executive Director.
The Placing and use of proceeds
In connection with the Acquisition and Readmission, the Company
raised gross proceeds of GBP3 million (GBP2,666,000 net of
Transaction Costs) through the issue of 120,000,000 Placing Shares
at the Placing Price of 2.5p per share.
The Placing was conducted in order to complete the Farm-in
Agreement and to support the business growth of the Enlarged
Group.
Capitalised terms in this announcement are as defined in the
prospectus published on 25 July 2017, which is available on the
Company's website: www.uogplc.com, unless the context otherwise
requires.
For more information please visit the Company's website at
www.uogplc.com or contact:
United Oil & Gas Plc (Company)
===================================== ================================
Brian Larkin brian.larkin@unitedoilandgas.eu
===================================== ================================
Optiva Securities Limited (Broker)
===================================== ================================
+44 (0) 20 3137
Christian Dennis 1902
===================================== ================================
Beaumont Cornish Limited (Financial
Adviser)
===================================== ================================
Roland Cornish and Felicity +44 (0) 20 7628
Geidt 3396
===================================== ================================
Murray (PR Advisor) +353 (0) 87 6909735
===================================== ================================
Joe Heron jheron@murrayconsultanta.ie
===================================== ================================
PLACING AND READMISSION STATISTICS
Number of Ordinary Shares in issue
as at the date of this Document 27,000,000
Number of Placing Shares to be issued
pursuant to the Placing 120,000,000
Number of Consideration Shares to be
issued pursuant to the Acquisition 53,935,001
Number of Ordinary Shares in issue
on Readmission 200,935,001
Placing Shares as a percentage of the
Enlarged Share Capital 59.7%
Consideration Shares as a percentage
of the Enlarged Share Capital 26.8%
New Ordinary Shares as a percentage
of the Enlarged Share Capital 86.6%
Number of Existing Warrants in issue
as at the date of this Document 60,000
Number of Warrants in issue on Readmission 37,260,000
Placing Price 2.5 pence
Gross proceeds of Placing GBP3,000,000
Transaction Costs GBP334,000
Estimated net proceeds of the Placing GBP2,666,000
receivable by the Company
Market capitalisation of the Company GBP5.0 million
at the Placing Price on Readmission
DEALING CODES
ISIN GB00BYX0MB92
SEDOL BYX0MB9
TIDM (prior to Change of Name) SEN
TIDM (on Readmission and following UOG
Change of Name)
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCOKFDPPBKDKOB
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