UK Oil & Gas PLC is pleased to announce that it has successfully raised gross proceeds of £3.0 million by means of a placing (the "Placing") of new Ordinary Shares (the "Placing Shares") at a price of 0.0875 pence per share (the "Placing Price").
The Placing Price represents a discount of approximately 20.3 per cent to the Closing Price of 0.1098 pence per Ordinary Share on 9 September 2022, being the latest practicable business day prior to the publication of this Announcement.
Placing Summary
• The Placing raised £3.0m (before expenses) through the issue of 3,428,571,425 Placing Shares at the Placing Price.
• The Placing Shares represent 16.25 per cent. of the Enlarged Issued Share Capital.
• The net proceeds of the Placing will be used to help deliver the Company's stated strategy and work programme as detailed in its RNS of 20th July 2022 and as further detailed below.
• Participants in the Placing have subscribed on the basis of the terms and conditions of the Placing which are attached as the Appendix to this announcement.
The Placing
The Company will issue 3,428,571,425 Placing Shares, to raise gross proceeds of £3,000,000 to participants in the Placing. The Placing Shares will be admitted ("Admission") to trading on the AIM market ("AIM") of London Stock Exchange plc ("LSE") on or around 16 September 2022.
W H Ireland Limited ("WH Ireland") acted as sole bookrunner in connection with the Placing.
Reasons for the Placing and Use of Proceeds
The placing has been undertaken to provide the Company with a source of general working capital and to help deliver the Company's previously stated near term goals of completing the Phase 2 Turkey seismic programme and the subsequent drilling of a new appraisal well in the Basur oil discovery, anticipated to be able to add near-term oil production to the Company in H1 2023.
Placing Information
The Placing has not been underwritten by WH Ireland and is conditional inter alia on the placing agreement dated 11 September 2022 between the Company and WH Ireland (the "Placing Agreement") not having been terminated and Admission.
The Placing Shares will be issued, credited as fully paid, and will rank pari passu with the existing Ordinary Shares in issue in the capital of the Company, including the right to receive all dividends and other distributions (if any) declared, made or paid on or in respect of such shares after the date of their issue.
Admission to trading
Application will be made to the London Stock Exchange for Admission, which is expected to become effective and dealings in the Placing Shares to commence at, 8.00 a.m. on or around 16 September 2022.
The total voting rights in the Company is therefore 21,096,376,104 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.
Appointment of new CFO
The Company is also delighted to announce the appointment of Guzyal Mukhametzhanova as Chief Financial Officer, replacing Matt Gormley who is leaving the Company for a new position. Guzyal started her career within KPMG's Energy and Natural Resources practice before joining JKX Oil and Gas Limited as Group Financial Controller and then Finance Director. Guzyal has 20 years of experience in the natural resources and energy space and is a member of the Association of Chartered Certified Accountants (ACCA). She graduated from the London Business School and holds an MSc in Finance. Guzyal's role of CFO at UKOG is a non-board position.
The Company thanks Matt Gormley for his valuable contribution and wish him success in his new position.
