Last checked at 31 May 2016 11:55
UK Oil & Gas Investments PLC
("UKOG" or the "Company")
Correction: Total Voting Rights
Further to the announcement made on 26 May 2016 in respect of the placing for further funding for Weald Basin activities, UKOG advises that, following admission, the Company's issued share capital will consist of 2,354,003,469 Ordinary Shares with no Ordinary Shares held in treasury. All other statements in the announcement made on 26 May 2016 remain correct.
Therefore, the above figure of 2,354,003,469 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in UK Oil & Gas Investments PLC under the FCA's Disclosure and Transparency Rules.
For further information, please contact:
UK Oil & Gas Investments PLC
Stephen Sanderson / Jason Berry Tel: 020 7440 0640
WH Ireland (Nominated Adviser and Broker)
James Joyce / Mark Leonard Tel: 020 7220 1666
Square 1 Consulting (Public Relations)
David Bick / Brian Alexander Tel: 020 7929 5599
Full corrected announcement:
Placing for Further Funding for Weald Basin Activities
UK Oil & Gas Investments PLC (London AIM and ISDX: UKOG) is pleased to announce that it has today raised gross proceeds of £4 million through the placing of 266,666,667 new ordinary shares in the Company ("New Shares") at 1.5 pence per share to funds managed by an institutional fund manager.
The proceeds of the placing will be used to supplement the Company's existing cash balances to specifically facilitate:
• Furthering the Company's existing Weald Basin portfolio activities, and in particular those activities focussed on near term strategic growth;
• Potential investment into new Weald Basin and Southern UK onshore oil and gas activities within the Company's investment strategy;
• General corporate purposes.
Transaction Summary
The Company will apply for the admission of the New Shares to trading on AIM and such trading is expected to take place on or around 2 June 2016 ("Admission"). Following Admission, the Company's issued share capital will consist of 2,354,003,469 Ordinary Shares with no Ordinary Shares held in treasury. Therefore, the above figure of 2,354,003,469 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in UK Oil & Gas Investments PLC under the FCA's Disclosure and Transparency Rules.
The Company has interests in the following UK licences:
Asset | Licence | UKOG's Interest | Licence Holder | Operator | Area (km2) | Status | |
Avington 1 | PEDL070 | 5% | UKOG (GB) Limited | IGas Energy Plc | 18.3 | Field in stable production. | |
Baxters Copse 2 | PEDL233 | 50% | UKOG Weald Limited | IGas Energy Plc | 89.6 | Reviewing economics of appraisal/ development well. | |
Brockham 1 | PL234 | 3.6% | Angus Energy 5 | Angus Energy 5 | 8.9 | Drilling of sidetrack well being considered. | |
Holmwood 3 | PEDL143 | 30% | UKOG | Europa Oil & Gas (Holdings) plc | 91.8 | H-1 exploration commitment well planned. | |
Horndean 1 | PL211 | 10% | UKOG (GB) Limited | IGas Energy Plc | 27.3 | Field in stable production. | |
Horse Hill 4 | PEDL137 | 27.3% | Horse Hill Developments Ltd 6 | Horse Hill Developments Ltd 6 | 99.3 | Extended flow testing of HH-1. | |
Horse Hill 4 | PEDL246 | 27.3% | Horse Hill Developments Ltd 6 | Horse Hill Developments Ltd 6 | 43.6 | Extended flow testing of HH-1. | |
Isle of Wight (Offshore) 3 | P1916 | 77.5% | UKOG Solent Limited | UKOG Solent Limited | 46.7 | Preparing drilling planning submission. | |
Isle of Wight (Onshore) 2, 3 | PEDL331 | 65% | UKOG | TBA | 200.0 | Preparing drilling planning submission. | |
Lidsey 1 | PL241 | 4.2% | Angus Energy 5 | Angus Energy 5 | 5.3 | Drilling of infill well being considered. | |
Markwells Wood 2 | PEDL126 | 100% | UKOG (GB) Limited | UKOG (GB) Limited | 11.2 | Compiling Field Development Plan. |
Notes:
1. Oil field currently in production.
2. Oil discovery pending development and/or appraisal drilling.
3. Exploration asset with drillable prospects and leads.
4. Oil discovery with recently completed successful flow testing.
5. UKOG has a 6% interest in Angus Energy, which has a 70% interest in Lidsey and a 60% interest in Brockham.
6. UKOG has a direct 42% interest in HHDL which has a direct 65% interest in PEDL137 and PEDL246.