United Oil & Gas Plc
(“UOG”, “United” or the “Company”)
Placing to raise £1.25 million
Total voting rights
United Oil and Gas Plc, the oil and gas exploration company, is pleased to announce a placing of 31,250,000 new ordinary shares of £0.01 each in the capital of the Company (the “Placing Shares“) at a price of £0.04 per Placing Share (the “Placing Price”). The placing will raise, in aggregate, £1.25million (before expenses) (the “Placing”).
Applications are being made to the UK Listing Authority and the London Stock Exchange for the Placing Shares, representing 13.46%of the Company’s enlarged issued share capital, to be admitted to the Official List and to trading on the London Stock Exchange’s main market for listed securities (the “Admission”). It is expected that Admission will become effective on or around 27December 2017.
Following the issue of the Placing Shares, which will rank pari passu with the existing ordinary shares in issue, the total number of ordinary shares in issue with voting rights in the Company is 232,185,001. There are no shares held in treasury.
The above figure of 232,185,001 may therefore be used by shareholders as the denominator for the calculation by which they may determine if 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.
Brian Larkin, CEO commented:
“We are extremely pleased to have completed this placing before the year end. The proceeds of this placing will be used to advance potential near-term acquisitions and farm-in opportunities and also ensures that our company has a solid cash platform to move our company forward in 2018.
This year has seen our company make significant developments; we added two more exciting licences to our portfolio, listed on the London Stock Exchange, completed two placings, enjoyed success in our first drilling campaign and delivered significant value for shareholders. We intend on continuing this momentum through 2018 and we look forward to updating shareholders.”
The Market Abuse Regulation (“MAR”) became effective from 3 July 2016. Market Soundings, as defined in MAR, were taken in respect of the proposed Placing with the result that certain persons became aware of inside information, as permitted by MAR. That inside information is set out in this announcement and has been disclosed as soon as possible in accordance with paragraph 7 of article 17 of MAR. Therefore, those persons that received inside information in a Market Sounding are no longer in possession of inside information relating to the Company and its securities.
For more information please visit the Company’s website at www.uogplc.com or contact:
|United Oil & Gas Plc (Company)|
|Optiva Securities Limited (Broker)|
|Christian Dennis||+44 (0) 20 3137 1902|
|Beaumont Cornish Limited (Financial Adviser)|
|Roland Cornish and Felicity Geidt||+44 (0) 20 7628 3396|
|Murray (PR Advisor)||+353 (0) 87 6909735|