UK Oil & Gas Investments PLC Completion of Acquisition (1213J)
September 06 2016 - 10:44AM
UK Regulatory
TIDMUKOG
RNS Number : 1213J
UK Oil & Gas Investments PLC
06 September 2016
UK Oil & Gas Investments PLC
("UKOG" or the "Company")
Completion of acquisition of Further Interest in Horse Hill-1
Discovery and Licenses, Weald Basin, UK
Further to the RNS dated 22 July 2016 regarding the agreement to
acquire the entire 3.9% interest of Flowermay Limited ("Flowermay")
in onshore Weald Basin licences PEDL137 and PEDL246 ("the
Licences"), UK Oil & Gas Investments PLC (London AIM and ISDX:
UKOG) announces that acquisition has now been completed.
Transaction Summary
For a total consideration of GBP1 million, the Company has
received a 3.9% beneficial interest in the Licences via the
purchase of Flowermay's remaining 6% shareholding in Horse Hill
Developments Ltd ("HHDL"). The total Consideration, with an
effective date of 21 July 2016, is comprised of GBP150,000 payable
in cash and GBP850,000 in the form of 50,981,799 new ordinary
shares in UKOG ("Consideration Shares").
UKOG has applied for the admission to trading on AIM and the
ISDX Growth Market of 50,981,799 new ordinary shares ("New Shares")
in the Company. Trading of the New Shares is expected to commence
on or around 12 September 2016 ("Admission"). Following Admission,
the Company's issued share capital will consist of 2,547,634,099
ordinary shares ("Ordinary Shares"), with no Ordinary Shares held
in treasury. Therefore, shareholders may use the above figure of
2,547,634,099 Ordinary Shares as the denominator for the
calculations by which they will determine if they are required to
notify their interest, or a change to their interest, in UKOG 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 / James Bavister Tel: 020 7220 1666
Square 1 Consulting (Public Relations)
David Bick / Brian Alexander Tel: 020 7929 5599
This information is provided by RNS
The company news service from the London Stock Exchange
END
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