UK Oil & Gas Investments PLC Loan Conversion (0361P)

TIDMUKOG

RNS Number : 0361P

UK Oil & Gas Investments PLC

23 May 2018

UK Oil & Gas Investments PLC

("UKOG" or the "Company")

Loan Conversion

UK Oil & Gas Investments PLC (London AIM: UKOG), announces that, in relation to the GBP10 million financing announced on 15 November 2017 ("Loan"), it has received a notice of exercise from Cuart Investments PCC Ltd and YA II PN Ltd ("Investors") to convert part of the Loan, with an aggregate par value of GBP250,000, into equity ("Conversion Notice").

The Company has, therefore, today allotted 19,658,725 new ordinary shares to the Investors ("Investor Shares"). The Investor Shares will rank pari passu in all respects with the existing ordinary shares.

Application will be made for these New Ordinary Shares to be admitted to trading on AIM and it is anticipated that trading in such shares will commence on or around 31 May 2018. After today's conversion, the Par Value outstanding on the Loan is GBP4 million.

Following Admission, the Company's enlarged issued share capital will comprise 3,873,826,872 ordinary shares. The Company does not hold any shares in treasury. This figure of 3,873,826,872 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.

Loan Terms

The terms of the Loan, as stated by the Company on 15 November 2017, includes a provision that for as long as any portion of the Loan is outstanding, neither the Investors nor any of their affiliates;

i. shall hold any net short position with respect to the equity of UKOG and

ii. can trade more than 15 % of the number of UKOG shares that have traded in a trading day.

The Loan is convertible in tranches of not less than GBP250,000, with a limit of GBP3 million per quarter, starting from the 15 November 2017, unless otherwise agreed by the Company.

For further information, please contact:

UK Oil & Gas Investments PLC

   Stephen Sanderson / Kiran Morzaria                                     Tel: [phone] 

WH Ireland (Nominated Adviser and Broker)

   James Joyce /James Sinclair-Ford                                           Tel: [phone] 

Cenkos Securities PLC (Joint Broker)

Joe Nally / Neil McDonald Tel: [phone]

Public Relations

   Brian Alexander / David Bick                                                    Tel: [phone] 

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 [e-mail] or visit www.rns.com.

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May 23, 2018 06:05 ET (10:05 GMT)