TIDMUKOG
RNS Number : 9604T
UK Oil & Gas PLC
27 July 2022
THIS ANNOUNCEMENT, INCLUDING THE APPENDICES AND THE INFORMATION
CONTAINED THEREIN IS RESTRICTED AND IT IS NOT FOR RELEASE,
PUBLICATION, DISTRIBUTION OR FORWARDING, IN WHOLE OR IN PART,
DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA,
CANADA, NEW ZEALAND, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR IN OR
INTO ANY OTHER JURISDICTION WHERE TO DO SO MIGHT CONSTITUTE A
VIOLATION OR BREACH OF ANY APPLICABLE LAW OR REGULATION.
THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT
CONSTITUTE OR CONTAIN ANY INVITATION, SOLICITATION, RECOMMENDATION,
OFFER OR ADVICE TO ANY PERSON TO SUBSCRIBE FOR, OTHERWISE ACQUIRE
OR DISPOSE OF ANY SECURITIES IN UK OIL & GAS PLC OR ANY OTHER
ENTITY IN ANY SUCH JURISDICTION.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED
UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION (EU NO.
596/2014) AS IT FORMS PART OF UK LAW BY VIRTUE OF THE EUROPEAN
UNION (WITHDRAWAL) ACT 2018 ("UK MAR").
27 July 2022
UK Oil & Gas PLC
("UKOG" or the "Company")
Successful Placing
UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce
that it has successfully raised gross proceeds of GBP1.25 million
by means of a placing (the "Placing") of new Ordinary Shares (the
"Placing Shares") at a price of 0.0875 pence per share (the
"Placing Price").
The Placing Price represents a discount of approximately 27 per
cent to the Closing Price of 0.12 pence per Ordinary Share on 26
July 2022, being the latest practicable business day prior to the
publication of this Announcement.
Placing Summary
-- The Placing raised GBP1.25m (before expenses) through the
issue of 1,428,571,428 Placing Shares at the Placing Price.
-- The Placing Shares represent 8.09 per cent. of the Enlarged Issued Share Capital.
-- The net proceeds of the Placing will be applied to help in
the delivery of the Company's operational work programme and for
working capital purposes as further detailed below.
The Placing
The Company will issue 1,428,571,428 Placing Shares, to raise
gross proceeds of GBP1.25m, to participants in the Placing. The
Placing Shares will be admitted ("Admission") to trading on the AIM
market ("AIM") of London Stock Exchange plc ("LSE") on or around 1
August 2022.
W H Ireland Limited ("WH Ireland") acted as sole bookrunner in
connection with the Placing.
Reasons for the Placing and Use of Proceeds
The Company is undertaking the Placing to progress its corporate
and operational strategy detailed in its Operational Update of
20(th) July 2022, consequently the net proceeds will therefore be
applied towards:
-- Phase 2 seismic acquisition and processing over UKOG's Basur oil discovery in SE Turkiye; and
-- For general working capital purposes.
The placing's proceeds will be sufficient to acquire and process
the further planned, but previously unbudgeted, Phase 2 seismic
over the newly revealed western culmination of the Basur oil
discovery (as detailed in the Company's 30(th) June 2022 Turkiye
update) and to help determine if the discovery is best appraised
from this new more accessible area via a vertical Basur-4, or from
the previously planned more operationally challenging
highly-deviated Basur-3 sidetrack.
Upon reaching this next key operational and budgetary decision
point, expected by mid Q4 2022, the Company would at this time need
to seek further financing for its share of the Basur appraisal well
and for working capital purposes to help fund its other significant
projects. By their nature, UKOG's other projects have a longer lead
time to cash generation than Basur. Drilling success at Basur is
anticipated to provide UKOG with additional working capital in H1
2023.
Placing Information
The Placing has not been underwritten by WH Ireland and is
conditional inter alia on the placing agreement dated 26 July 2022
between the Company and WH Ireland (the "Placing Agreement") not
having been terminated and Admission.
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.
Admission to trading
Application will be made to the London Stock Exchange for
Admission, which is expected to become effective and dealings in
the Placing Shares to commence at, 8.00 a.m. on or around 1 August
2022.
The total voting rights in the Company is therefore
17,667,804,679 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.
Contact:
UK Oil & Gas PLC
Stephen Sanderson / Matt Gormley / Allen D Tel: 01483 941493
Howard
WH Ireland (Nomad and Joint Broker)
James Joyce / James Bavister / Andrew de Andrade Tel: 020 7220 1666
(Nomad)
Harry Ansell / Dan Bristowe (Corporate Broking)
Communications
Brian Alexander Tel: 01483 941493
The person responsible for arranging this announcement on behalf
of UK Oil and Gas plc is Stephen Sanderson, CEO of the Company.
IMPORTANT NOTICES
This Announcement includes statements that are, or may be deemed
to be, "forward-looking statements". These forward-looking
statements can be identified by the use of forward-looking
terminology, including the terms "believes", "estimates",
"forecasts", "plans", "prepares", "anticipates", "projects",
"expects", "intends", "may", "will", "seeks", "should" or, in each
case, their negative or other variations or comparable terminology,
or by discussions of strategy, plans, objectives, goals, future
events or intentions. These forward-looking statements include all
matters that are not historical facts. They appear in a number of
places throughout this Announcement and include statements
regarding the Company's and the Directors' intentions, beliefs or
current expectations concerning, amongst other things, the
Company's prospects, growth and strategy. By their nature,
forward-looking statements involve risks and uncertainties because
they relate to events and depend on circumstances that may or may
not occur in the future. Forward-looking statements are not
guarantees of future performance. The Company's actual performance,
achievements and financial condition may differ materially from
those expressed or implied by the forward-looking statements in
this Announcement. In addition, even if the Company's results of
operations, performance, achievements and financial condition are
consistent with the forward-looking statements in this
Announcement, those results or developments may not be indicative
of results or developments in subsequent periods. Any
forward-looking statements that the Company makes in this
Announcement speak only as of the date of such statement and (other
than in accordance with their legal or regulatory obligations)
neither the Company, nor WH Ireland nor any of their respective
associates, directors, officers or advisers shall be obliged to
update such statements. Comparisons of results for current and any
prior periods are not intended to express any future trends or
indications of future performance, unless expressed as such, and
should only be viewed as historical data.
The content of this Announcement has not been approved by an
authorised person within the meaning of the FSMA. Reliance on this
Announcement for the purpose of engaging in any investment activity
may expose an individual to a significant risk of losing all of the
property or other assets invested. The price of shares and any
income expected from them may go down as well as up and investors
may not get back the full amount invested upon disposal of the
shares. Past performance is no guide to future performance, and
persons needing advice should consult an appropriate independent
financial adviser.
No prospectus will be made available in connection with the
matters contained in this Announcement and no such prospectus is
required (in accordance with the Prospectus Regulation) to be
published.
No representation or warranty, express or implied, is or will be
made as to, or in relation to, and no responsibility or liability
is or will be accepted by WH Ireland or by any of their respective
affiliates or agents as to, or in relation to, the accuracy or
completeness of this Announcement or any other written or oral
information made available to or publicly available to any
interested party or its advisers, and any liability therefore is
expressly disclaimed.
No statement in this Announcement is intended to be a profit
forecast or estimate, and no statement in this Announcement should
be interpreted to mean that earnings per share of the Company for
the current or future financial years would necessarily match or
exceed the historical published earnings per share of the
Company.
The Placing Shares to be issued pursuant to the Placing will not
be admitted to trading on any stock exchange other than AIM.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
IOEFLFEFDTIDFIF
(END) Dow Jones Newswires
July 27, 2022 09:00 ET (13:00 GMT)
Grafico Azioni Uk Oil & Gas (LSE:UKOG)
Storico
Da Feb 2024 a Mar 2024
Grafico Azioni Uk Oil & Gas (LSE:UKOG)
Storico
Da Mar 2023 a Mar 2024