TIDMUKOG
RNS Number : 5032Z
UK Oil & Gas PLC
21 May 2021
UK Oil & Gas PLC
("UKOG" or the "Company")
Notice of General Meeting
UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce
that it will hold a General Meeting ("GM") at 1100 hrs on Monday
7th June 2021 at Hays House, Millmead, Guildford, Surrey, GU2 4HJ,
United Kingdom. Copies of the GM Notice ("Notice") and Proxy form
have been posted to registered shareholders and the Notice is
available on the Company's website, https://www.ukogplc.com/ .
In keeping with the government's current Covid-19 health and
safety advice, the GM will be held with a Board quorate only.
Consequently, we kindly request that shareholders do not attend the
meeting in person. Please do not travel to the meeting, as you will
be refused entry. Shareholders should note the arrangements in
place for this GM detailed in the Notice and below.
Summary Reasons for the General Meeting:
The Company is an energy company primarily focused upon oil and
gas exploration and production in the UK and Turkey onshore
sectors. The Company aims to build a sustainable oil and gas
production base that can act as a springboard to further worldwide
petroleum opportunities and to help its diversification into the
emerging geothermal and renewable energy fields.
The Company holds operated and non-operated interests in six
licences in the UK, which include two producing oil fields, Horse
Hill and Horndean and four undeveloped oil and gas discoveries,
including the significant Loxley gas discovery, assessed to be the
second largest in the UK onshore's history.
The Company's new portfolio in Turkey consists of a 50%
non-operated working interest in the 305 km(2) M47-b1, b2 licence
(the Resan Licence) in south east Turkey, containing the
potentially significant undeveloped Basur-Resan oil discovery and a
further identified exploration prospect, Prospect A.
As previously reported on 9(th) December 2020, the Company has
also applied to the Turkish regulatory authorities for a 50%
interest in four further highly prospective blocks ("Application
Blocks") within 3 licences lying to the south and south east of the
Resan Licence, covering approximately 600 km(2) in total. The
Application Block immediately adjacent to the SE of the Resan
Licence is assessed to contain a possible extension of the
Basur-Resan oil accumulation.
As stated in the Company's announcement of 15th January 2021,
the Basur-Resan appraisal project is assessed to contain
significantly greater discovered oil volumes than any of the
Company's UK projects. It is therefore the focus of the Company's
2021 activities.
The Resan Licence is the subject of ongoing operational
activities, with the construction of the well site and drilling pad
for the first modern appraisal well, Basur-3, near complete. The
company has contributed its share of Basur-3 site construction
costs, long lead well equipment and all 2D seismic reprocessing
costs necessary to define the Basur-3 drilling location and well
plan. As previously reported, the Company expects the Basur-3 well
to commence drilling in summer this year.
As announced on 23rd July and 14th October 2020, under the terms
of the Company's acquisition of its 50% interest in the Resan
Licence the Company agreed to wholly fund the first $5 million of
the Resan Licence's commitment work programme, currently 4 wells
and 100 km of seismic. Thereafter the Company will pay its 50%
working share of all costs.
The agreed 2021 joint venture work programme of Basur-3 and 120
line km of seismic is estimated at an aggregate gross cost of
approximately US $5 million excluding coring, post well analyses,
seismic processing and drill and seismic related contingencies. A
further appraisal well, Resan-6, is expected to be drilled next
year following processing and interpretation of the new seismic
data.
Should the Application Block immediately to the SE of the Resan
Licence be awarded to the Company and its joint venture partner,
the Basur-Resan seismic programme is planned to be extended into
the new block. This will ensure that any extension of the
Basur-Resan accumulation can be properly assessed and included in a
forward drilling programme. Any additional acquisition will
increase gross seismic acquisition costs directly in proportion to
the additional kilometres acquired.
In order to deliver the Company's stated strategy and growth
objectives, it will require further funds in the near future for,
amongst other things, its funding obligations under the agreed work
programme for the Resan Licence and any of the new Application
Blocks should they be awarded to the Company and its partner.
The Directors therefore seek specific shareholder approval for
authority to issue shares and dis-apply pre-emption rights in
respect of those shares in order that the Company can raise money
for its working capital obligations.
The Company will make available to the Shareholders an
opportunity to participate in any fundraising on terms which are
the same as the terms that will be offered to any placing to new
investors by way of an open offer on a pre-emptive basis.
Should an open offer be successful on a cost benefit basis the
Company will make available to the Shareholders an opportunity to
participate in all future fundraisings either: (i) by way of an
open offer on a pre-emptive basis; or (ii) through a mechanism that
allows shareholders participate in fundraising on a more general
basis.
GM and Covid-19
To ensure that shareholders can still participate in an orderly
and safe GM during the Covid-19 pandemic, this year's meeting will
be held via an electronic platform. The platform will permit
shareholders to hear the meeting's chairman and to submit questions
on the two resolutions.
Questions can be submitted via the platform during a 48-hour
period from 11:00 am 5(th) June 2021 and real-time during the GM.
Questions submitted via any other method than the platform will not
be answered.
Shareholders are, therefore, strongly encouraged to exercise
their voting rights by submitting the proxy form attached with the
GM notice. The deadline for submission of proxies to the Registrar
is 1100 hrs BST Saturday 5(th) June 2021. You are strongly advised
to appoint the chairman of the meeting as your proxy to ensure your
vote is counted.
The Company will continue to monitor Government advice in
relation to the Coronavirus pandemic, and in turn urges you to
monitor the Company's website for updates on changes to
arrangements for the GM which we may need to make.
The result of the GM will be announced shortly after its
conclusion and published on the UKOG website.
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
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
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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
NOGUAVNRAVUVUAR
(END) Dow Jones Newswires
May 21, 2021 13:05 ET (17:05 GMT)
Uk Oil & Gas (LSE:UKOG)
Historical Stock Chart
From Mar 2024 to Apr 2024
Uk Oil & Gas (LSE:UKOG)
Historical Stock Chart
From Apr 2023 to Apr 2024
