Purchase of Horse Hill Equipment Completed

Source: www.gulfoilandgas.com 5/25/2021, Location: Europe

UK Oil & Gas PLC is pleased to announce that, as per the announcement of 4 June 2020, the Company has completed the final instalment due under the sale and purchase agreement of the Horse Hill surface production equipment ("Equipment") from PW Well Test Ltd ("PW").

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

An Initial instalment was made in July 2020 upon signature of the asset purchase agreement via equal amounts of cash and UKOG shares. The second instalment was made in February 2021 via the issue of UKOG shares.

The final payment can be either wholly in cash, or wholly in shares, or part cash/part shares, each at UKOG's sole discretion. The final payment of £550,000 has been made to PW, via the issue of 262,759,440 UKOG shares, at a 5-day VWAP of £ 0.0021.

Share Admission and Settlement
Application will be made for the admission 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 1 June 2021. Following Admission, the Company will have 13,218,369,752 Ordinary Shares in issue. There are no shares held in treasury. The total voting rights in the Company is therefore 13,218,369,752 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.


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