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UK Oil & Gas PLC - Horse Hill Equipment Purchase Completed

RNS Number : 2674T
UK Oil & Gas PLC
16 July 2020
 

UK Oil & Gas PLC

("UKOG" or the "Company")

 

Horse Hill Equipment Purchase Completed

 

UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce that, per the announcement of 4 June 2020, it has completed the purchase of the Horse Hill surface production equipment ("Equipment") from PW Well Test Ltd ("PW"). Full title to the Equipment has now transferred to UKOG.

 

Transaction Summary

 

The Company acquired the Equipment from PW for £1.65 million via three equal instalments of £550,000 as follows:

 

-      Initial instalment payable upon signature of the asset purchase agreement via equal amounts of cash and UKOG shares. 

-      Two further instalments at 6-monthly intervals, or earlier at UKOG's discretion. Each payment either wholly in cash, or wholly in shares, or part cash/part shares, each at UKOG's sole discretion.

-      In the case of payment via shares, the number of shares issued to PW shall be determined using the 5-day volume weighted average price ("VWAP") of UKOG ordinary shares on the day prior to the instalment payment date.

The initial payment of £550,000 has now been made to PW, comprising £275,000 in cash and £275,000 via the issue of 131,014,769 UKOG shares ("Consideration Shares") at 0.2099p per share, representing the 5-day VWAP at market close on 7th July, the day prior to the completion date.

 

Share Admission and Settlement

 

 

Application will be made for the Consideration Shares to be admitted to trading on the AIM market ("AIM") of London Stock Exchange plc ("LSE") of the shares ("Admission"). Admission is expected to occur on or around 20 July 2020. Following Admission, the Company will have 11,099,385,057 Ordinary Shares in issue. There are no shares held in treasury. The total voting rights in the Company is therefore 11,099,385,057 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 Disclosure Guidance and Transparency Rules.

 

For further information, please contact:

 

UK Oil & Gas PLC

 

Stephen Sanderson / Kiran Morzaria

 

Tel: 01483 941493

WH Ireland Ltd (Nominated Adviser and Broker)

 

 

 

James JoyceJames Sinclair-Ford

 

Tel: 020 7220 1666

Cenkos Securities PLC (Joint Broker)

 

Joe Nally / Neil McDonald

 

Tel: 020 7397 8919

Novum Securities (Joint Broker)

 

John Belliss

 

Tel: 020 7399 9400

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


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
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Quick facts: UK Oil & Gas PLC

Price: 0.1965

Market: AIM
Market Cap: £21.81 m
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