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UKOG: completion of PEDL331 Arreton oil discovery acquisition

Published by , Editorial Assistant
Oilfield Technology,

UK Oil & Gas PLC 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.

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