United Oil & Gas Plc 

(formerly Senterra Energy plc)

(“UOG” or the “Company”)

Readmission to Trading

The Board of the Company is pleased to announce that following Acquisition of the UOG Group and the Placing raising £3 million before expenses, the Company’s Enlarged Share Capital is today admitted to the Official List (Standard Segment) and to trading on the London Stock Exchange’s Main Market for listed securities. 

Brian Larkin, the Company’s CEO, commented: “We are delighted to list United Oil & Gas Plc on the London Stock Exchange along with completing a fully subscribed share placing of £3million. Our work programs are wholly funded and we look forward to drilling our first well in the Selva field in the Po Valley in Italy, in October. In addition, we continue to evaluate further potential acquisitions and farm-in opportunities”.

Information on the Enlarged Group

The UOG Group, established in 2015, has a strategy to acquire non-core oil and gas licences from larger oil and gas companies, with the goal of being an active partner to unlock previously untapped value and thus generating value for Shareholders.

UOG is primarily focusing on Europe, taking advantage of the management team’s extensive experience in this market and benefitting from the stable political and fiscal systems in the region.

Current Portfolio

Ø Waddock Cross Field Project (UK)

In August 2016, UOG UK acquired First Oil’s stake in the PL090 Licence, which includes: the Waddock Cross Field itself (approximately 19 km2) and the further exploration area within the PL090 Licence (approximately 183 km2). UOG’s PL090 Licence interests are summarised in Table 1.3 below.

Table 1.1: Waddock Cross Field Project Summary

 

 

 

Base-case

Near-Term Activity

 

Equity

CoS

Resource                      Net

 

Asset

(%)

(%)

Type                    Resources

 

Waddock Cross

N/A1

Contingent 0.32mmbbls1

Seismic reprocessing underway. Well operations scheduled for end

 

 

 

 

’17/early ’18

Broadmayne

25

Prospective 0.38mmbbls2

Seismic reprocessing to assist drilling decision underway. Potential well

 

 

 

 

H2 2018.

 

the Net Contingent Resources are unrisked in that they have not been multiplied by a chance of development.

the Net Prospective Resources are unrisked in that they have not been multiplied by the geological chance of success (COS).

 

Table 1.3: Summary of interests in the PL090 Licence

 

 

 

Licence

Licence block

Company

Interest (%)

expiry date

Waddock Cross PL090

Egdon Resources UK Limited

55.00%

31 March 2024

 

UOG UK

26.25%

 

 

Aurora Exploration (UK) Ltd

18.75%

 

Exploration PL090

Egdon Resources UK Limited

42.50%

 

 

UOG UK

18.95%

 

 

Aurora Exploration (UK) Ltd

13.54%

 

 

Corfe Energy Limited

25.00%

 

 

Ø Podere Gallina Project (Italy)

On 4 May 2017, UOG and Po Valley Operations Pty Ltd (“PVO”), a company incorporated and registered in Australia, a wholly owned subsidiary of Po Valley Energy Ltd (“PVE”), entered into the Podere Gallina Farm-in Agreement (“Farm-in Agreement”), pursuant to which PVO conditionally agreed to sell to UOG, a 20 per cent. interest in the Podere Gallina Exploration Licence  held by PVE and awarded by the Ministry of Economic Development (the “Ministry”) on 2 December 2008 (the “Exploration Licence”), and which includes the Podere Maiar-1 exploration well.

The principal condition of the Farm-in Agreement was that UOG raise a minimum of £3 million. Accordingly, having completed the Placing, the Farm-in Agreement is now unconditional.

Pursuant to the Farm-in Agreement, UOG has a 20 per cent. working interest in the Exploration Licence on funding 40 per cent. of the cost of the Podere Maiar appraisal well that is scheduled to be drilled in Q4 2017. PVE, which was awarded the Exploration Licence in September 2008, is the licence operator and has an 80 per cent. working interest in the Exploration Licence.

Accordingly, UOG has the following interest in the Exploration Licence:
Table 0.6: Podere Gallina licence details

Operator                     UOG Interest (%)            Status                 Licence expiry date           Licence Area

Po Valley Energy Ltd                  20%            Exploration       2 September 2017

(suspension application filed to

3 February 2018 –             506 km2
see below)

 

Table 1.2: Podere Gallina Project Summary

 

 

 

 

Base-case

Near-Term Activity

 

Equity

CoS

Resource

Net

 

Asset

(%)

(%)

Type

Resources

 

Podere Maiar (Selva Strat)

N/A1

Contingent

0.57mmboe

Rig contracted for drilling in Q4 ’17

East Selva

13

Prospective

1.16mmboe

3D seismic to de-risk
prospect planned post- 

 

 

 

 

 

Podere Maiar well

Fondo Perino

34

Prospective

0.49mmboe

3D seismic to de-risk
prospect planned post- 

 

 

 

 

 

Podere Maiar well

Cembalina

51

Prospective

0.11mmboe

Plans to be firmed-up
post-Podere Maiar well

(2018)

Minimal geological risk, as hydrocarbons are already proven

 

Board Changes

Effective from today, both Kurt Portmann and Jeremy King have resigned as directors of the Company. Brian Larkin has been appointed as Chief Executive Officer and Dr Jonathan Leather as Technical Director of the Company whilst Alberto Cattaruzza remains Non-Executive Director.

 

The Placing and use of proceeds

In connection with the Acquisition and Readmission, the Company raised gross proceeds of £3 million (£2,666,000 net of Transaction Costs) through the issue of 120,000,000 Placing Shares at the Placing Price of 2.5p per share.

The Placing was conducted in order to complete the Farm-in Agreement and to support the business growth of the Enlarged Group. 

 

Capitalised terms in this announcement are as defined in the prospectus published on 25 July 2017, which is available on the Company’s website: www.uogplc.com, unless the context otherwise requires.

For more information please visit the Company’s website at www.uogplc.com or contact:

 

United Oil & Gas Plc (Company)

 

Brian Larkin

brian.larkin@unitedoilandgas.eu

 

 

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

Joe Heron

jheron@murrayconsultanta.ie

 

 

PLACING AND READMISSION STATISTICS

 

Number of Ordinary Shares in issue as at the date of this Document

27,000,000

Number of Placing Shares to be issued pursuant to the Placing

120,000,000

Number of Consideration Shares to be issued pursuant to the Acquisition

53,935,001

Number of Ordinary Shares in issue on Readmission

200,935,001

Placing Shares as a percentage of the Enlarged Share Capital

59.7%

Consideration Shares as a percentage of the Enlarged Share Capital

26.8%

New Ordinary Shares as a percentage of the Enlarged Share Capital

86.6%

Number of Existing Warrants in issue as at the date of this Document

60,000

Number of Warrants in issue on Readmission

37,260,000

Placing Price

2.5 pence

Gross proceeds of Placing

£3,000,000

Transaction Costs

£334,000

Estimated net proceeds of the Placing receivable by the Company

£2,666,000

Market capitalisation of the Company at the Placing Price on Readmission

£5.0 million

DEALING CODES

 

ISIN

GB00BYX0MB92

SEDOL

BYX0MB9

TIDM (prior to Change of Name)

SEN

TIDM (on Readmission and following Change of Name)

UOG