Mon, 3rd Jun 2019 07:00
UK Oil & Gas PLC
("UKOG" or the "Company")
Completion of Acquisition of Further Interest in PEDL143 Exploration Licence
UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce that it has completed the previously announced acquisition of the interests of both Europa Oil & Gas Limited ("Europa") and Union Jack Oil plc ("Union Jack") in the highly prospective PEDL143 exploration licence. This acquisition of their respective interests of 20% and 7.5% interests means UKOG now holds a majority operated 67.5% interest in the Licence.
The total considerations of £300,000 and £112,500 to Europa and Union Jack, respectively, will be satisfied through the issue of an aggregate total of 35,683,391 new ordinary shares in UKOG ("Consideration Shares"), with 25,951,557 and 9,731,834 Consideration Shares issued to Europa and Union Jack respectively, as outlined in the announcement of 16 April 2019.
An application has been made for the Consideration Shares to be admitted to trading on AIM, which are anticipated to be available for trading on or around 7 June 2019 ("Admission").
Following Admission, the Company's enlarged issued share capital will comprise 6,083,289,907 ordinary shares. The Company holds no shares in treasury. The enlarged ordinary share capital figure 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.
For further information, please contact:
Stephen Sanderson / Kiran Morzaria Tel: 01483 900582
WH Ireland (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
Brian Alexander / David Bick 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.