United Oil & Gas PLC /
Index: AIM / Epic: UOG / Sector: Oil & Gas
28 February 2024
United Oil & Gas
plc
("United" or "the
Company")
Posting of Circular and
Notice of General Meeting
Further to the announcement on 27
February 2024 (the "Placing Announcement") regarding the
Conditional Fundraising to raise £1,000,000 the Company today
announces that it has published a shareholder circular (the
"Circular") and notice of general meeting (the "General Meeting")
for the purpose of proposing a vote in relation to certain
resolutions, such resolutions to include those in connection with
the Conditional Fundraising and the proposed sub-division of the
Company's existing ordinary shares of £0.01 each into new ordinary
shares of £0.00001 (the "Resolutions"). The detailed reasons for
and background to the Resolutions are set out in the Circular,
which was posted to Shareholders yesterday and will be uploaded on
the Company's website today https://www.uogplc.com/.
Capitalised terms used in this
announcement have the meaning given in the Placing Announcement
unless the context requires otherwise or as otherwise defined
herein.
The General Meeting of United Oil
& Gas PLC is to be held at the offices of Armstrong Teasdale,
38-43 Lincoln's Inn Fields, London, WC2A 3PE on 15 March 2024 at
11.00 a.m.
The Form of Proxy for use in
connection with the General Meeting should be completed and
returned in accordance with the instructions thereon so as to be
received by the Company's registrars, Share Registrars Limited, 3
The Millennium Centre, Crosby Way, Farnham, Surrey GU9 7XX by
no later than 11.00 a.m. on 13 March 2024.
Completion and return of a Form of
Proxy will not preclude Shareholders from attending and voting in
person at the General Meeting should they so wish.
Recommendation
The Directors consider the passing of
the Resolutions to be in the best interests of the Company and its
Shareholders as a whole. The Directors wish to raise additional
working capital by completing the Conditional Placing to progress
the Jamaica work programme and have the funds to continue the
farmout process and associated administration costs. Failure to
secure the funds could hamper the Company's business and impact on
its exploration and development programme or meet its work
commitments under existing licences. Accordingly, the Directors
unanimously recommend that all Shareholders vote in favour of the
Resolutions, as they intend to do, or procure to be done, in
respect of their own beneficial shareholdings, in aggregate,
21,598,219 Ordinary Shares, representing approximately 3.29 per
cent. of the existing issued Ordinary Share capital.
Indicative Timetable
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Publication of the
Circular
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27
February 2024
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Latest time and date for receipt of
forms of proxy, CREST Proxy Instruction or electronic proxy
appointment for use at the General Meeting
|
11.00 a.m.
on 13 March 2024
|
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General Meeting
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11.00 a.m.
on 15 March 2024
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Sub-Division Record Date
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6:00 p.m.
on 15 March 2024
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Expected effective date of the
Sub-Division
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8:00 a.m.
on 18 March 2024
|
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Expected date of Admission of
Fundraising Shares to trading on AIM
|
18 March
2024
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END
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Enquiries
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United Oil & Gas
Plc (Company)
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Brian Larkin, CEO
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brian.larkin@uogplc.com
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Beaumont Cornish
Limited (Nominated Adviser)
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Roland Cornish | Felicity
Geidt | Asia Szusciak
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+44 (0) 20 7628 3396
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Tennyson Securities (Joint
Broker)
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Peter Krens
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+44 (0) 20 7186 9030
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Optiva Securities
Limited (Joint Broker)
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Christian Dennis
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+44 (0) 20 3137 1902
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Camarco (Financial
PR)
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Andrew Turner | Emily
Hall | Sam Morris
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+44 (0) 20 3757 4983
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Beaumont Cornish Limited ("Beaumont Cornish") is the Company's
Nominated Adviser and is authorised and regulated by the FCA.
Beaumont Cornish's responsibilities as the Company's Nominated
Adviser, including a responsibility to advise and guide the Company
on its responsibilities under the AIM Rules for Companies and AIM
Rules for Nominated Advisers, are owed solely to the London Stock
Exchange. Beaumont Cornish is not acting for and will not be
responsible to any other persons for providing protections afforded
to customers of Beaumont Cornish nor for advising them in relation
to the proposed arrangements described in this announcement or any
matter referred to in it.
Notes to Editors
United Oil & Gas is an oil
and gas company with a development asset in the UK and a high
impact exploration licence in Jamaica.
The business is led by an
experienced management team with a strong track record of growing
full cycle businesses, partnered with established industry players
and is well positioned to deliver future growth through portfolio
optimisation and targeted acquisitions.
United Oil & Gas is listed
on the AIM market of the London Stock Exchange. For further
information on United Oil and Gas please
visit www.uogplc.com