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UK Oil & Gas PLC (UKOG)

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Tuesday 22 January, 2019

UK Oil & Gas PLC

Completion of Arreton Oil Discovery Acquisition

RNS Number : 7508N
UK Oil & Gas PLC
22 January 2019
 

UK Oil & Gas PLC

("UKOG" or the "Company")

 

Completion of PEDL331 Arreton Oil Discovery Acquisition

 

UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce that the previously disclosed (12 December 2018) transaction with Solo Oil Plc ("Solo") to acquire their 30% interest in the PEDL331 onshore Isle of Wight licence ("the Licence") has been completed following approval from the Oil and Gas Authority. UKOG now holds an operated 95% direct interest in the Licence which contains the Arreton oil discovery and the Arreton South exploration prospect, both of which are planned to be drilled and long term tested next year.

 

Transaction Summary

 

UKOG has acquired Solo's 30% interest in the Licence for a total consideration of £350,000. The total consideration has been satisfied through the issuance of 17,989,326 new ordinary shares in UKOG ("Consideration Shares") and £90,450 in cash. The Consideration Shares were calculated based on the 5-day volume weighted average price to 10 December 2018 of 1.4428 pence. 

 

As such an application has been made for 17,989,326 new ordinary shares to be admitted to trading on AIM and it is anticipated that trading in such shares will commence on or around 28 January 2019.

 

Following Admission, the Company's enlarged issued share capital will comprise 5,584,643,556 ordinary shares. The Company does not hold any shares in treasury. This figure of 5,584,643,556 ordinary shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.

 

For further information, please contact:

 

UKOG

Stephen Sanderson / Kiran Morzaria                                                                      Tel: 01483 900582

 

WH Ireland (Nominated Adviser and Broker)

James Joyce / James Sinclair-Ford                                                                           Tel: 020 7220 1666

 

Cenkos Securities PLC (Joint Broker)

Joe Nally / Neil McDonald                                                                                        Tel: 0207 397 8919

 

Novum Securities (Joint Broker)                                                                                                               

John Bellis                                                                                                                    Tel: 020 7399 9400

 

Public Relations

Brian Alexander / David Bick                                                                                    Tel: 01483 900582

 

UKOG Licence Interests

 

The Company has interests in the following UK onshore licences situated in the south of England:

 

Asset

Licence

UKOG's Interest

Licence Holder

Operator

Area (km2)

Status

Avington

PEDL070

5%

UKOG (GB) Limited

IGas Energy Plc

18.3

Field currently temporarily shut in

Broadford Bridge 2, 3

PEDL234

100%

UKOG (234) Ltd 4

UKOG (234) Ltd 4

300.0

BB-1 & 1z oil discovery, planning application approved

Holmwood 3

PEDL143

40%

UKOG

Europa Oil & Gas (Holdings) plc

91.8

Seeking alternate sites to drill Holmwood and other Kimmeridge prospects

Horndean 1

PL211

10%

UKOG (GB) Limited

IGas Energy Plc

27.3

Field in stable production

Horse Hill 5

PEDL137

46.735%

Horse Hill Developments Ltd 

Horse Hill Developments Ltd 

99.3

Production tests ongoing, two further appraisal wells scheduled for 2019

Horse Hill 5

PEDL246

46.735%

Horse Hill Developments Ltd

Horse Hill Developments Ltd 

43.6

As above

Isle of Wight 2, 3

PEDL331

95%

UKOG

UKOG

200.0

Preparing planning submission for Arreton-3 oil appraisal well and Arreton South exploration well

Markwells Wood

PEDL126

100%

UKOG (GB) Limited

UKOG (GB) Limited

11.2

 

               

Notes:

 

1.  Oil field currently in stable production.

2.  Oil discovery pending development and/or appraisal drilling.

3.  Exploration asset with drillable prospects and leads.

4.  Contains the Broadford Bridge-1/1z Kimmeridge oil discovery, the eastern extension of the Godley Bridge Portland gas discovery, plus further undrilled Kimmeridge exploration prospects.

5.  Oil field with three productive and commercially viable zones, EWT ongoing, two further wells HH-1z and HH-2 scheduled in Q2 2019; development underway subject to grant of planning consent, expected in Q3 2019.

6.  UKOG has a direct 71.9% interest in HHDL, which has a 65% interest in PEDL137 and PEDL246.

 

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 [email protected] or visit www.rns.com.
 
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