UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce that the previously disclosed (12 December 2018) transaction with Solo Oil Plc (“Solo”) to acquire their 30% interest in the PEDL331 onshore Isle of Wight licence (“the Licence”) has been completed following approval from the Oil and Gas Authority. UKOG now holds an operated 95% direct interest in the Licence which contains the Arreton oil discovery and the Arreton South exploration prospect, both of which are planned to be drilled and long term tested next year.
UKOG has acquired Solo’s 30% interest in the Licence for a total consideration of £350,000. The total consideration has been satisfied through the issuance of 17,989,326 new ordinary shares in UKOG (“Consideration Shares”) and £90,450 in cash. The Consideration Shares were calculated based on the 5-day volume weighted average price to 10 December 2018 of 1.4428 pence.
As such an application has been made for 17,989,326 new ordinary shares to be admitted to trading on AIM and it is anticipated that trading in such shares will commence on or around 28 January 2019.
Following Admission, the Company’s enlarged issued share capital will comprise 5,584,643,556 ordinary shares. The Company does not hold any shares in treasury. This figure of 5,584,643,556 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.
UKOG Licence Interests
The Company has interests in the following UK onshore licences situated in the south of England:
1. Oil field currently in stable production.
2. Oil discovery pending development and/or appraisal drilling.
3. Exploration asset with drillable prospects and leads.
4. Contains the Broadford Bridge-1/1z Kimmeridge oil discovery, the eastern extension of the Godley Bridge Portland gas discovery, plus further undrilled Kimmeridge exploration prospects.
5. Oil field with three productive and commercially viable zones, EWT ongoing, two further wells HH-1z and HH-2 scheduled in Q2 2019; development underway subject to grant of planning consent, expected in Q3 2019.
6. UKOG has a direct 71.9% interest in HHDL, which has a 65% interest in PEDL137 and PEDL246.
All information is provided on an as-is basis. Where we allow Bloggers to publish articles on our platform please note these are not our opinions or views and we have no affiliation with the companies mentioned