UK Oil & Gas
PLC
("UKOG" or the
"Company")
Loan Reduction via Equity
Share Subscription
UK Oil & Gas PLC (London AIM: UKOG) is
pleased to announce that to enable further orderly reduction of the
balance of the funding facility
announced on 28 June 2023 ("Loan"), it has delivered
to RiverFort Global Opportunities PCC
Limited and YA II PN Ltd ("Investors") a tranche
of 200,000,000 ordinary shares ("Equity
Shares"). Future conversion of these Equity Shares by the Investors
will further reduce the current £0.545 million principal balance of
the £2 million gross first cash sum received.
It is expected that the Investors will convert
these Equity Shares at the Variable Price, being
equivalent to 100% of the Company's lowest daily volume
weighted average price ("VWAP") in the fifteen trading days
preceding the conversion date, or the date the Equity Shares are
applied to discharge the Loan.
The reduction in the Loan's principal balance
from that stated in the Company's 13th March 2024 RNS
results from the conversion of the prior tranche of
206,965,282 ordinary shares by the Investors at
an average price of approximately 0.054 pence per share.
The Investors' share transactions remain
subject to the orderly market, no short position and Investors
voting in favour of the Company obligations as previously announced
on 28 June 2023.
Admission
Application has been made for this tranche of
Equity Shares, numbering 200,000,000
ordinary shares in total, to be admitted to trading on AIM
("Admission"). Admission is expected to take place at 8.00 a.m. on
or around 26 April 2024.
Following Admission, the total voting rights in
the Company will be 3,660,957,892 ordinary shares 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 FCA's Disclosure, Guidance and Transparency
Rules.
For
further information, please contact:
UK
Oil & Gas plc
Stephen Sanderson / Allen D Howard /
Guzyal
Mukhametzhanova
Tel: 01483 941493
WH
Ireland Ltd (Nominated Adviser and Broker)
James Joyce / Andrew de Andrade /
James Bavister
Tel: 020
7220 1666
Communications
Brian Alexander
Tel: 01483 941493
The information
contained within this announcement is deemed by the Company to
constitute inside information under the Market Abuse Regulation
(EU) No. 596/2014, as it forms part of UK domestic law by
virtue of the European Union (Withdrawal) Act 2018. Upon
publication of this announcement, this information is now
considered to be in the public domain.
