UK Oil & Gas PLC (LON:UKOG) Loan Balance Reduction

UK Oil & Gas PLC (London AIM: UKOG), announces that, in relation to the £5.5 million financing announced on 7 August 2019 (“Loan”), it has received a notice from Riverfort Global Opportunities PCC Limited and YA II PN Ltd (“Investors”) to convert £150,000 of the Loan into UKOG shares. After today’s conversion, the Loan’s balance has reduced to £3.75million.

The Company has today allotted 16,460,002 new ordinary shares to the Investors (“Investor Shares”). The Investor Shares will rank pari passu in all respects with the existing ordinary shares. It is anticipated that the Investor Shares will be admitted to trading on AIM on or around 5 December 2019 (“Admission”).

Following Admission of the Investor Shares, the Company’s issued share capital will comprise 6,738,389,264 ordinary shares. As the Company does not hold any shares in treasury, this figure of 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.

A summary of the loan terms can be seen in the Company’s previous announcement on 27 September 2019.


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