Last checked at 2 Jan 2020 15:55
UK Oil & Gas PLC
("UKOG" or the "Company")
Issue of Shares
UK Oil & Gas PLC (London AIM: UKOG), announces that pursuant to its RNS of 7 August 2019, in which UKOG agreed to acquire the entire share capital of Magellan Petroleum (UK) Investment Holdings Limited ("Magellan") for a total consideration of £12 million in cash and shares. UKOG has today allotted 331,125,828 new ordinary shares to Tellurian Investments LLC ("Tellurian") in relation to the deferred share element of the consideration. The shares rank pari passu in all respects with the existing ordinary shares. It is anticipated that the shares will be admitted to trading on AIM on or around 8 January 2020 ("Admission").
Magellan holds a 35% direct interest in the Horse Hill oil field and surrounding highly prospective PEDL137 and PEDL246 licences, UKOG's flagship asset.
Following Admission of the Investor Shares, the Company's issued share capital will comprise 7,322,645,119 ordinary shares. As the Company does not hold any shares in treasury, this figure of 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.
A summary of the transaction with Tellurian are outlined in the announcement of 7 August 2019.
For further information, please contact:
UK Oil & Gas PLC
Stephen Sanderson / Kiran Morzaria Tel: 01483 900582
WH Ireland Ltd (Nominated Adviser and Broker)
James Joyce / James Sinclair-Ford Tel: 020 7220 1666
Cenkos Securities PLC (Joint Broker)
Joe Nally / Neil McDonald Tel: 0207 397 8919
Novum Securities (Joint Broker)
John Bellis Tel: 020 7399 9400
Public Relations
Brian Alexander Tel: 01483 900582
The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014