UK Oil & Gas PLC Second Instalment Purchase of Horse Hill Equipment (8419O)
February 11 2021 - 8:31AM
UK Regulatory
TIDMUKOG
RNS Number : 8419O
UK Oil & Gas PLC
11 February 2021
UK Oil & Gas PLC
("UKOG" or the "Company")
Second Instalment for Purchase of Horse Hill Equipment
Completed
UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce
that, per the announcement of 4 June 2020, UKOG has completed the
second instalment due under the sale and purchase agreement of the
Horse Hill surface production equipment ("Equipment") from PW Well
Test Ltd ("PW").
Transaction Summary
The Company acquired the Equipment from PW for GBP1.65 million.
The purchase is via three equal instalments of GBP550,000 as
follows:
An Initial instalment upon signature of the asset purchase
agreement via equal amounts of cash and UKOG shares. This was made
in July 2020.
A second and third instalment at 6-monthly intervals, or earlier
at UKOG's discretion. Each payment either wholly in cash, or wholly
in shares, or part cash/part shares, each at UKOG's sole discretion
("the Instalments)
The second of the Instalments of payment of GBP550,000 has been
made to PW, via the issue of 412,475,262 UKOG shares, at a 5-day
VWAP of GBP0.00133.
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 17
February 2021. Following Admission, the Company will have
12,955,610,312 Ordinary Shares in issue. There are no shares held
in treasury. The total voting rights in the Company is therefore
12,955,610,312 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.
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
Novum Securities (Joint Broker)
John Belliss Tel: 020 7399 9400
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
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END
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