UK Oil & Gas PLC (LON:UKOG) Successful Placing to Raise £3.5 Million

Details of the Placing

UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce that it has raised £3,500,000 through a placing (“Placing”) of 333,333,330 new ordinary shares (“Placing Shares”) in the capital of the Company.

The Placing is being made at an issue price of 1.05 pence per share (“Placing Price”), representing approximately 12.5% discount to closing price of the Company’s ordinary shares on the business day prior to this announcement.

The Company entered into a placing agreement (“Placing Agreement”) with WH Ireland earlier today pursuant to which terms WH Ireland agreed to arrange the Placing. The Company has given certain customary warranties and indemnities under the Placing Agreement in favour of WH Ireland. Completion of the Placing is subject to the satisfaction of the conditions contained in the Placing Agreement including, but not limited to, Admission.

Your attention is drawn to the detailed terms and conditions of the Placing set out in the Appendix to this Announcement (which forms part of this Announcement).

The Appendix to this Announcement contains the detailed terms and conditions of the Placing and the basis on which investors agreed to participate in the Placing. The Placing has not been underwritten by WH Ireland. Placees are deemed to have read and understood this Announcement in its entirety, including the Appendix, and to have made their offer on the terms and subject to the conditions contained herein and to have given the representations, warranties, undertakings and acknowledgements contained in the Appendix to this Announcement.

The Placing Shares will be issued, credited as fully paid, and will rank pari passu with the existing Ordinary Shares in issue in the capital of the Company, including the right to receive all dividends and other distributions (if any) declared, made or paid on or in respect of such shares after the date of their issue.

Use of funds

As previously reported, prior to this Placing, UKOG and its Group Companies held sufficient cash to fund its share of the forthcoming Horse Hill-1z and Horse Hill-2 horizontal drilling programme plus ongoing regulatory permit and subsurface work on its other key assets. Consequently, the Placing’s proceeds will be utilised in the assessment and acquisition of new opportunities, both in the UK onshore and elsewhere. This is in full accordance with the strategy and plans detailed in the Company’s latest annual report announced on 15 March 2019.

Admission and Settlement

Application will be made for the admission to trading on the AIM market (“AIM”) of London Stock Exchange plc (“LSE”) of the Placing Shares (“Admission”). Admission is expected to occur on or around 02 April 2019. Following Admission, the Company will have 6,047,606,516Ordinary Shares in issue. There are no shares held in treasury. The total voting rights in the Company is therefore 6,047,606,516 and Shareholders may use this figure as the denominator by which they are required to notify their interest in, or change to their interest in, the Company under the Disclosure Guidance and Transparency Rules.

 


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