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

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

2 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

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

(2018)

1 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:

PLACING AND READMISSION STATISTICS