United Oil&gas Regulatory News (UOG)

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This announcement does not constitute a prospectus or offering memorandum or an offer in respect of any securities and is not intended to provide the basis for any investment decision in respect of United Oil & Gas Plc or other evaluation of any securities of United Oil & Gas Plc or any other entity and should not be considered as a recommendation that any investor should subscribe for or purchase any such securities.

United Oil & Gas Plc / Index: LSE / Epic: UOG / Sector: Oil & Gas

18 September 2018

United Oil & Gas Plc ('United' or 'the Company') 

Oversubscribed Placing to Raise £3 million and Notice of General Meeting

Highlights:

· £3.0m (gross) raised by an oversubscribed conditional placing and subscription of a total of approximately 54.5 million shares at 5.5p per share, with warrants attached on a 3 warrants for 4 shares basis at a strike price of 8p

· Funds to be used to pursue new projects in line with dual Company focus to build a portfolio of low risk, late stage appraisal/development projects in Europe and high impact exploration plays in the Caribbean, Latin America and Africa

· Evaluation of a number of new potential projects underway

· Portfolio currently includes commercial discoveries and appraisal projects in the UK, near term gas production opportunities onshore Italy and high-impact exploration opportunities offshore Jamaica

· Value-driving activity expected in the coming months including drilling at UK near shore Colter discovery and results of processing and interpretation of 3D seismic, offshore Jamaica

United Oil & Gas Plc, the London Stock Exchange listed oil and gas exploration and development company, is pleased to announce that it has raised £3 million (gross) via an oversubscribed placing and subscription (the 'Placing') with existing and new investors of 54,545,454 new ordinary shares of 1p each in the Company (the 'Placing Shares') at a price of 5.5 pence per Placing Share ('the Placing Price').

Placees shall also receive a total of 40,909,080 warrants over ordinary shares in the Company ('Warrants'), on the basis of 3 Warrants, exercisable at 8p per share, for every 4 Placing Shares, rounded down to the nearest Warrant. The Warrants will have a 4-year life and shall be exercisable from the first anniversary of issue. The Warrants will not be listed. The issue of the Shares and the Warrants are subject to shareholder approval, as detailed further below.

The Placing has been supported by certain strategic investors in recognition of the quality and underlying value of United's existing assets and management's ability to use this as a platform from which to further grow the Company and build value.

United has a dual-focused portfolio of low risk, late stage appraisal/development projects in Europe and high-impact exploration plays in the Caribbean, Latin America, and Africa. The Company is evaluating a number of potential projects and the Board believes the new funds will assist in securing one or more of these projects, should the Board believe that the projects represent attractive opportunities for shareholders.

United Oil & Gas Plc CEO, Brian Larkin, said, "We are delighted with the result of this oversubscribed placing. This is further validation of our strategy of building a strong and diverse portfolio of late stage development projects in Europe, and high-impact exploration in the Caribbean.

"Our portfolio already includes a commercial gas discovery onshore Italy that is currently going through the permitting process, an interest in the upcoming well to appraise the Colter discovery in the UK which lies on the same trend as onshore Europe's most prolific oil field, and a 20% interest in the Tullow Oil-operated Walton-Morant licence, offshore Jamaica which holds the high grade 200mmbbl Colibri target. We do not intend to stop here, and these funds will be used to facilitate the expansion of our portfolio, as we look to add to the long pipeline of value driving opportunities which our shareholders are already exposed to. I look forward to providing further updates on our progress in the near future which will reward the support of both new and existing shareholders."

Notice of General Meeting

The issue of the Placing Shares and the Warrants are subject to the approval of renewed shareholder authorities. Accordingly, the Company will shortly be despatching a circular containing a notice convening a general meeting ('GM Notice') to be held on or around 8 October 2018, at which resolutions (the 'Resolutions') will be proposed in order to implement the Placing and issue of Warrants. The GM Notice includes a recommendation that all shareholders vote in favour of the Resolutions, as each Director intends to do so in respect of his own holding of ordinary shares.

Application will be made for the Placing Shares, which will rank pari passu with the Company's existing ordinary shares, to be admitted to listing on the standard listing segment of the Official List of the UK Listing Authority and to trading on the London Stock Exchange's main market for listed securities ('Admission'). Admission is currently expected on or around 10 October 2018. No such application is being made in respect of the Warrants.

**ENDS**

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014 ('MAR'). In addition, market soundings (as defined in MAR) were taken in respect of certain of the matters contained in this announcement, with the result that certain persons became aware of such inside information, as permitted by MAR. Upon the publication of the announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain and such persons shall now cease to be in possession of inside information.

For more information please visit the Company's website at www.uogplc.com or contact: 

Notes to Editors

United Oil & Gas Plc (UOG) is listed on the main market of the London Stock Exchange. United was established to explore, appraise and develop low risk assets in Europe and to develop higher risk, higher impact exploration projects in the Caribbean, Latin America and Africa.

The following table outlines the Company's licence interests: