TIDMUKOG
RNS Number : 0331L
UK Oil & Gas Investments PLC
16 April 2018
UK Oil & Gas Investments PLC
("UKOG" or the "Company")
Exercise, Grant and Amendment of Options or Warrants
UK Oil & Gas Investments PLC (London AIM: UKOG), announces
the exercise of 1 million options, the grant of 17.5 million
options and the amendment to the expiry date for certain options
over ordinary shares granted in the 2015 option scheme.
Exercise of Warrants
UKOG announces that it has received notice of the exercise of
warrants to subscribe for a total of 1,000,000 new ordinary shares
in the Company (the "New Ordinary Shares"). The exercise price of
the warrants was 0.4 pence. The Company has received GBP4,000 in
respect of this exercise.
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 20 April 2017.
Following Admission, the Company's enlarged issued share capital
will comprise 3,835,466,771 ordinary shares. The Company does not
hold any shares in treasury. This figure of 3,835,466,771 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.
Grant and Amendment of Options
The Company also announces that it has granted options over 17.5
million shares in the capital of the Company. These options were
granted to employees and consultants who are not Persons
Discharging Managerial Responsibility ("PDMR") on behalf of the
Company.
During its review of option awards the Independent Directors of
the Company approved an extension of the exercise period of 25
million options previously granted to Stephen Sanderson (Chairman
and Chief Executive Officer ("CEO")) and 10 million options granted
to Matt Cartwright (Chief Operating Officer ("COO")).
The independent directors determined that to ensure the
continued alignment of the interests of shareholders and the option
holders and considering the liquidity of the Company's shares it
would be beneficial to extend these options rather than allow their
exercise in the current open period and consider the grant of
further options to both the CEO and COO.
As such the Independent Directors on 13/04/2018 have approved
the extension of the term these options may be exercised from
31/12/2017 to 31/12/2019. All other terms and conditions relating
to these options, including the exercise price, remain
unchanged.
Due to publication of the Company's Annual Accounts on
29/03/2018, the Directors were deemed to be insiders (as defined in
the Criminal Justice Act 1993 and the Financial Services and
Markets Act 2000) and were prevented from exercising these options
under the provisions of UKOG's Share Dealing Code. In such an event
and as noted in the Company's RNS on 09/01/2018, the exercise
period is deemed to be extended for 10 business days following the
date on which the option holder ceases to be an insider. This
period was therefore extended to 13/04/2018.
Director Position Options extended Total Options Current holding Current Shareholding
Held in UKOG as a % of Current
Issued Share Capital
(excluding options)
---------------- ---------- ---------------- ------------- --------------- ---------------------
Stephen CEO &
Sanderson Director 25,000,000 85,000,000 - -
---------------- ---------- ---------------- ------------- --------------- ---------------------
Matt Cartwright COO 10,000,000 40,000,000 517,598 0.01 %
---------------- ---------- ---------------- ------------- --------------- ---------------------
The exercise, grant and change to the expiry date of options is
notifiable pursuant to the EU Market Abuse Regulation. Notification
and public disclosure of transactions by PDMR and persons closely
associated with them in accordance with the requirements of the EU
Market Abuse Regulation can be found below:
1 Details of the person discharging managerial responsibilities/person closely associated
--- -----------------------------------------------------------------------------------------------------------------
a) Name Stephen Sanderson
--- -------------------------------------------------------- -------------------------------------------------------
2 Reason for the notification
--- -----------------------------------------------------------------------------------------------------------------
a) Position/status Executive Chairman & Chief Executive Officer
--- -------------------------------------------------------- -------------------------------------------------------
b) Initial notification/ Amendment Initial notification
--- -------------------------------------------------------- -------------------------------------------------------
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer
or auction monitor
--- -----------------------------------------------------------------------------------------------------------------
a) Name UK Oil & Gas Investments PLC
--- -------------------------------------------------------- -------------------------------------------------------
b) LEI 213800IZP9HKGVLHQ907
--- -------------------------------------------------------- -------------------------------------------------------
4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii)
each type of transaction; (iii) each date; and (iv) each place where transactions have been
conducted
--- -----------------------------------------------------------------------------------------------------------------
a) Description of the financial instrument, type of Ordinary Share
instrument
GB00B9MRZS43
Identification code
--- -------------------------------------------------------- -------------------------------------------------------
b) Nature of the transaction Extension of expiry date of grant of options over
ordinary shares to 31 December 2019
--- -------------------------------------------------------- -------------------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
----------- -----------
0.4 pence 25,000,000
----------- -----------
--- -------------------------------------------------------- -------------------------------------------------------
d) Aggregated information
* Aggregated volume 25,000,000
0.4 pence
* Price
--- -------------------------------------------------------- -------------------------------------------------------
e) Date of the transaction 13/04/2018
--- -------------------------------------------------------- -------------------------------------------------------
f) Place of the transaction Outside Trading Venue
--- -------------------------------------------------------- -------------------------------------------------------
1 Details of the person discharging managerial responsibilities/person closely associated
--- -----------------------------------------------------------------------------------------------------------------
a) Name Matt Cartwright
--- -------------------------------------------------------- -------------------------------------------------------
2 Reason for the notification
--- -----------------------------------------------------------------------------------------------------------------
a) Position/status Chief Operating Officer
--- -------------------------------------------------------- -------------------------------------------------------
b) Initial notification/ Amendment Initial notification
--- -------------------------------------------------------- -------------------------------------------------------
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer
or auction monitor
--- -----------------------------------------------------------------------------------------------------------------
a) Name UK Oil & Gas Investments PLC
--- -------------------------------------------------------- -------------------------------------------------------
b) LEI 213800IZP9HKGVLHQ907
--- -------------------------------------------------------- -------------------------------------------------------
4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii)
each type of transaction; (iii) each date; and (iv) each place where transactions have been
conducted
--- -----------------------------------------------------------------------------------------------------------------
a) Description of the financial instrument, type of Ordinary Share
instrument
GB00B9MRZS43
Identification code
--- -------------------------------------------------------- -------------------------------------------------------
b) Nature of the transaction Extension of expiry date of grant of options over
ordinary shares to 31 December 2019
--- -------------------------------------------------------- -------------------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
----------- -----------
0.4 pence 10,000,000
----------- -----------
--- -------------------------------------------------------- -------------------------------------------------------
d) Aggregated information
* Aggregated volume 10,000,000
0.4 pence
* Price
--- -------------------------------------------------------- -------------------------------------------------------
e) Date of the transaction 13/04/2018
--- -------------------------------------------------------- -------------------------------------------------------
f) Place of the transaction Outside Trading Venue
--- -------------------------------------------------------- -------------------------------------------------------
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 / Neil McDonald 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 and testing of
(4) (4) multiple zones
completed
---------------- --------- --------------- --------------- --------------- -------------- ----------------------
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
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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