Last checked at 13 Mar 2015 07:00
13 March 2015
UK Oil & Gas Investments PLC
("UKOG" or the "Company")
UKOG further increases its interest in Horse Hill, Weald Basin, UK.
London listed UK Oil & Gas Investments PLC (LSE AIM: UKOG) is pleased to announce it has increased its direct interest from 28% to 30% in Horse Hill Developments Ltd ("HHDL"), the 65% owners and operators of onshore exploration licences PEDL 137 and PEDL 246 (known as "Horse Hill"). The additional 2% interest was acquired from Danadav Investments Limited for a consideration of £352,000. The consideration will be satisfied through the issue of 44,000,000 new ordinary shares (the "Shares") of 0.01 pence each ("Placing Shares") at 0.8 pence per share.
Application is being made for the Placing Shares, which will on issue rank pari passu with the existing Ordinary Shares, to be admitted to trading on AIM and such admission is expected to occur on or around 18 March 2015.
The Company will therefore have 1,693,063,509 Ordinary Shares in issue with voting rights and admitted to trading on AIM. This figure may be used by shareholders in the Company as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.
In addition UKOG also has a 1.32% indirect interest in HHDL via its 6% interest in Angus Energy Limited.
UKOG's interest in Horse Hill:
The Horse Hill-1 well is located within onshore exploration License PEDL 137, on the northern side of the Weald Basin near Gatwick Airport. UKOG now owns a 30% direct interest in HHDL. HHDL is a special purpose company that owns a 65% participating interest and operatorship of Licence PEDL 137 and the adjacent Licence PEDL 246 in the UK Weald Basin. The participants in the Horse Hill-1 well are HHDL with a 65% working interest and Magellan Petroleum Corporation with a 35% interest.
For further information please contact:
UK Oil & Gas Investments PLC
David Lenigas / Donald Strang 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 / Mark Longson Tel: 020 7929 5599