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UKOG Completes Acquisition of Further Interest in Weald Basin Licences

Source: www.gulfoilandgas.com 9/6/2016, Location: Europe

Further to the RNS dated 22 July 2016 regarding the agreement to acquire the entire 3.9% interest of Flowermay Limited (Flowermay) in onshore Weald Basin licences PEDL137 and PEDL246 (the Licences), UK Oil & Gas Investments PLC (London AIM and ISDX: UKOG) announces that acquisition has now been completed.

Transaction Summary

For a total consideration of 1 million, the Company has received a 3.9% beneficial interest in the Licences via the purchase of Flowermay's remaining 6% shareholding in Horse Hill Developments Ltd (HHDL). The total Consideration, with an effective date of 21 July 2016, is comprised of 150,000 payable in cash and 850,000 in the form of 50,981,799 new ordinary shares in UKOG (Consideration Shares).

UKOG has applied for the admission to trading on AIM and the ISDX Growth Market of 50,981,799 new ordinary shares (New Shares) in the Company. Trading of the New Shares is expected to commence on or around 12 September 2016 ("Admission"). Following Admission, the Company's issued share capital will consist of 2,547,634,099 ordinary shares (Ordinary Shares), with no Ordinary Shares held in treasury. Therefore, shareholders may use the above figure of 2,547,634,099 Ordinary Shares as the denominator for the calculations by which they will determine if they are required to notify their interest, or a change to their interest, in UKOG under the FCA's Disclosure and Transparency Rules.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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