RNS Number : 2924N
UK Oil & Gas Investments PLC
25 July 2014
 

For immediate release

25 July 2014

UK Oil & Gas Investments Plc

("UKOG" or the "Company")

Equity Placement and Total Voting Rights

The Board of UKOG is pleased to announce that the Company has raised £2,000,000 before expenses by way of a Company arranged placing of 200,000,000 new ordinary  shares of 0.01p each in the Company ("Placing Shares") at a placing price of 1 pence per Placing Share to institutional and other investors ("Placing"). The proceeds of the Placing will be used to make further investments in accordance with the Company's investing policy and provide further working capital. As announced yesterday, UKOG has conditionally agreed to acquire Northern Petroleum Plc's UK production and exploration oil and gas interests for a total consideration of £1.5 million. Following completion of the Placing the Company will no longer elect to issue the Consideration Shares but will satisfy the consideration wholly in cash.

Application is being made for the Placing Shares, which will on issue rank pari passu with the existing Ordinary Shares, to be admitted to trading on AIM and such admission is expected to occur on or around 1 August 2014.

The Company will therefore have 1,293,230,175 Ordinary Shares in issue with voting rights and admitted to trading on AIM. This figure may be used by shareholders in the Company as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Service Authority's Disclosure and Transparency Rules.

David Lenigas, the Company's Chairman commented:

"The Placing significantly enhances the Company's balance sheet and enables the Company to continue to pursue further investments in the conventional onshore and offshore oil and gas in the UK."

Enquiries:

 

UK Oil & Gas Investments PLC
Tel: 020 7440 0640
David Lenigas / Donald Strang
 
 
 
Beaumont Cornish (Nominated Adviser)
Tel: 020 7628 3396
Roland Cornish / Michael Cornish / Emily Staples
 
 
 
XCAP Securities PLC (Corporate Broker)
Tel: 020 7101 7070
David Lawman
 
 
 
Square 1 Consulting (Public Relations)
Tel: 020 7929 5599
David Bick/Mark Longson
 

This information is provided by RNS
The company news service from the London Stock Exchange
 
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