UK Oil & Gas Investments PLC Loan Conversion (4918E)
February 09 2018 - 9:03AM
UK Regulatory
TIDMUKOG
RNS Number : 4918E
UK Oil & Gas Investments PLC
09 February 2018
UK Oil & Gas Investments PLC
("UKOG" or the "Company")
Loan Conversion
UK Oil & Gas Investments PLC (London AIM: UKOG), announces
that, in relation to the GBP10 million financing announced on 15
November 2017 ("Loan"), it has received a notice of exercise from
Cuart Investments PCC Ltd and YA II PN Ltd ("Investors") to convert
part of the Loan, with an aggregate par value of GBP500,000, into
equity ("Conversion Notice").
The Company has therefore issued today 18,779,343 new ordinary
shares to the Investors ("Investor Shares"). The Investor Shares
will rank pari passu in all respects with the existing ordinary
shares.
Application has been made for these New Ordinary Shares to be
admitted to trading on AIM and it is anticipated that trading in
such shares will commence on or around 16 February 2018. After
today's conversion, the Par Value outstanding on the Loan is GBP6.5
million.
Following Admission, the Company's enlarged issued share capital
will comprise 3,668,067,032 ordinary shares. The Company does not
hold any shares in treasury. This figure of 3,668,067,032 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.
Loan Terms
The terms of the Loan, as stated by the Company on 15 November
2017, includes a provision that for as long as any portion of the
Loan is outstanding, neither the Investors nor any of their
affiliates;
i. shall hold any net short position with respect to the equity
of UKOG and
ii. can trade more than 15 % of the number of UKOG shares that
have traded in a trading day.
The Loan is convertible in tranches of not less than GBP250,000,
with a limit of GBP3 million per quarter, starting from the 15
November 2017, unless otherwise agreed by the Company. The Company
agreed to this conversion.
For further information, please contact:
UK Oil & Gas Investments PLC
Stephen Sanderson / Kiran Morzaria Tel: 01483 243450
WH Ireland (Nominated Adviser and Broker)
James Joyce /James Sinclair-Ford Tel: 020 7220 1666
Cenkos Securities PLC (Joint Broker)
Joe Nally / Leif Powis Tel: 0207 397 8919
Public Relations
Brian Alexander / David Bick Tel: 01483 243450
UKOG Licence Interests
The Company has interests in the following UK licences:
Asset Licence UKOG's Licence Holder Operator Area (km(2) ) Status
Interest
---------------- --------- --------------- --------------- --------------- -------------- ----------------------
UKOG (GB) IGas Energy Field in stable
Avington (1) PEDL070 5% Limited Plc 18.3 production
---------------- --------- --------------- --------------- --------------- -------------- ----------------------
Baxters Copse PEDL233 50% UKOG Weald IGas Energy 89.6 Appraisal/development
(2) Limited Plc well planned; licence
extended to 2018
---------------- --------- --------------- --------------- --------------- -------------- ----------------------
Broadford Bridge PEDL234 100% Kimmeridge Oil Kimmeridge Oil 300.0 BB-1 & 1z drilling
(3) & Gas Limited & Gas Limited completed, testing of
(4) (4) multiple zones
underway
---------------- --------- --------------- --------------- --------------- -------------- ----------------------
Holmwood (3) PEDL143 40% UKOG Europa Oil & 91.8 Holmwood-1
Gas (Holdings) exploration well
plc planned in 2018
---------------- --------- --------------- --------------- --------------- -------------- ----------------------
UKOG (GB) IGas Energy Field in stable
Horndean (1) PL211 10% Limited Plc 27.3 production
---------------- --------- --------------- --------------- --------------- -------------- ----------------------
Horse Hill (5) PEDL137 32.435% Horse Hill Horse Hill 99.3 Production tests and
Developments Developments further appraisal
Ltd Ltd well (s ) scheduled
for 2018
---------------- --------- --------------- --------------- --------------- -------------- ----------------------
Horse Hill Horse Hill
Developments Developments
Horse Hill (5) PEDL246 32.435% Ltd Ltd 43.6 As above
---------------- --------- --------------- --------------- --------------- -------------- ----------------------
Isle of Wight PEDL331 65% UKOG UKOG 200.0 Preparing Arreton-3
(Onshore) (2, oil discovery
3) appraisal well
planning submission
---------------- --------- --------------- --------------- --------------- -------------- ----------------------
Markwells Wood PEDL126 100% UKOG (GB) UKOG (GB) 11.2 Revised drilling and
(2) Limited Limited testing planning
application underway
---------------- --------- --------------- --------------- --------------- -------------- ----------------------
Notes:
1. Oil field currently in production.
2. Oil discovery pending development and/or appraisal
drilling.
3. Exploration asset with drillable prospects and leads.
Contains the Broadford Bridge-1&1z discovery well, the
extension of the Godley Bridge Portland gas discovery plus further
exploration prospects.
4. UKOG has a 100% interest in Kimmeridge Oil & Gas
Limited
5. Oil discovery with successful flow test in 3 zones, further
long-term testing scheduled in 2018
6. UKOG has a direct 49.9% interest in HHDL, which has a 65%
interest in PEDL137 and PEDL246.
in PEDL137 and PEDL246.
The information contained within this announcement is deemed by
the Company to constitute inside information under the Market Abuse
Regulation (EU) No. 596/2014.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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