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LONDON (Alliance News) - UK Oil & Gas Investments PLC said Monday that it intends to change its trading status under AIM rules to an "Operating Company" from an "Investing Company".
Shares in the oil and gas-focused investment company were up 11% at 2.11 pence each on Monday.
The change of status will be active following the publication of an admission document and obtaining the requisite shareholder approval, which is expected to take place before the end of July.
Under the new status, UK Oil & Gas will be able to take direct controlling operating interests in oil and gas exploration, appraisal and production assets as well as conduct its business with fewer restrictions.
In addition, the Oil and Gas Authority has confirmed that the PEDL233 licence has lapsed, as it was due to on June 30.
"The trading status change is an essential forward step in the company's evolution. The new status will enable UKOG to take direct controlling and operated interests in existing assets and in any future acquisitions," said Executive Chairman Stephen Sanderson.