UK Oil & Gas
PLC
("UKOG" or the
"Company")
Loan Reduction via Equity
Share Subscription
UK Oil & Gas PLC (London AIM: UKOG)
announces that to permit further orderly reduction of the balance
of the funding facility
announced on 28 June 2023 ("Loan"), it has delivered
to RiverFort Global Opportunities PCC
Limited and YA II PN Ltd ("Investors") a tranche
of 206,965,282 ordinary shares ("Equity
Shares"). Future conversion of these Equity Shares by the Investors
will further reduce the principal balance of the £2 million gross
first cash sum received below the prior £0.66 million figure
announced on 23 January 2024.
It is expected that the Investors will convert
the Equity Shares at the Variable Price equivalent to
100% of the Company's lowest daily volume weighted average price
("VWAP") in the fifteen trading days preceding the conversion date
or the date the Equity Shares are applied to discharge the
Loan.
The Investors' share transactions remain
subject to the orderly market, no short position and Investors
voting in favour of the Company obligations as previously announced
on 28 June 2023.
Admission
Application has been made for the fourth
tranche of Equity Shares, numbering 206,965,282
ordinary shares in total, to be admitted to trading on AIM
("Admission"). Admission is expected to take place at 8.00 a.m. on
or around 19 March 2024.
Following Admission, the total voting rights in
the Company will be 3,460,957,892 ordinary shares 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 FCA's Disclosure, Guidance and Transparency
Rules.
For
further information, please contact:
UK
Oil & Gas plc
Stephen Sanderson / Allen D
Howard/Guzyal Mukhametzhanova
Tel: 01483
941493
WH
Ireland Ltd (Nominated Adviser and Broker)
James Joyce / James Bavister /
Andrew de Andrade
Tel: 020 7220
1666
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, as it forms part of UK domestic law by
virtue of the European Union (Withdrawal) Act 2018. Upon
publication of this announcement, this information is now
considered to be in the public domain.