UK Oil & Gas PLC Final Deferred Consideration Paid to Tellurian (3787I)
April 01 2020 - 3:45AM
UK Regulatory
TIDMUKOG
RNS Number : 3787I
UK Oil & Gas PLC
01 April 2020
UK Oil & Gas PLC
("UKOG" or the "Company")
Final deferred consideration paid to Tellurian
UK Oil & Gas PLC (London AIM: UKOG), is pleased to announce
that as part of its previously announced acquisition of Magellan
Petroleum (UK) Investment Holdings Limited ("Magellan") it has paid
the final GBP1 million deferred consideration element to Tellurian
Investments LLC ("Tellurian"), the former owner . Via this payment,
UKOG now holds irrevocable ownership of Magellan, renamed UKOG
137/246 Ltd, which owns a direct 35% interest in the Horse Hill oil
field and surrounding highly prospective PEDL137 and PEDL246
licences.
Via the Magellan acquisition, UKOG significantly increased its
interest in the producing Horse Hill oil field, its flagship asset,
to a controlling 85.635%. Horse Hill was granted full long-term
production consent by the Oil and Gas Authority on 12 March
2020.
As detailed in the Company's RNS of 7 August and 11 September
2019, UKOG acquired Magellan's entire share capital for a
consideration of GBP12 million via an initial consideration of GBP8
million in cash and shares and two deferred considerations of GBP3
million and GBP1 million in shares.
In payment of the final GBP1 million deferred share
consideration, due on or before 31 March 2020, UKOG has allotted
255,102,041 new ordinary shares to Tellurian . The shares rank pari
passu in all respects with the existing ordinary shares. It is
anticipated that the shares will be admitted to trading on AIM on
or around 7 April 2020 ("Admission").
Following Admission of the Investor Shares, the Company's issued
share capital will comprise 7,821,571,059 ordinary shares. As the
Company does not hold any shares in treasury, this figure of
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:
UK Oil & Gas PLC
Stephen Sanderson / Kiran Morzaria Tel: 01483 941493
WH Ireland Ltd (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 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
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 rns@lseg.com or visit www.rns.com.
END
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