United Oil & Gas PLC Exercise of Warrants, TVR & Directors Shareholding (7566Y)

TIDMUOG

RNS Number : 7566Y

United Oil & Gas PLC

17 May 2021

United Oil & Gas PLC / Index: AIM / Epic: UOG / Sector: Oil & Gas

17 May 2021

United Oil & Gas PLC

("United" or the "Company")

Exercise of Warrants and Total Voting Rights

Significant Shareholding increases for Executive Directors Brian Larkin and Jonathan Leather

United Oil & Gas PLC (AIM: "UOG"), the growing oil and gas company with a portfolio of production, development, exploration and appraisal assets, announces that it has received notices of exercise of warrants to subscribe for a total of 19,650,000 new ordinary shares of GBP0.01 each in the share capital of the Company (the 'Warrant Shares').

The warrants were granted on 31 July 2017 and expire on 31 July 2022. Accordingly, the Company has issued the Warrant Shares to the warrant holders, conditional on Admission, for an aggregate cash consideration of GBP315,000. Details of the warrant holders who have exercised warrants are contained in the table below.

 
 Warrant            Number of   Category             Date of Issue   Exercise Price 
  Holder             Warrants 
 Brian Larkin       9,755,690   Executive Director   31 July 2017    1.42857p 
                   ----------  -------------------  --------------  --------------- 
 Jonathan 
  Leather           4,877,810   Executive Director   31 July 2017    1.42857p 
                   ----------  -------------------  --------------  --------------- 
 Other Investors    5,016,500   Investor             31 July 2017    1.42857p - 
  (1)                                                                 2.5p 
                   ----------  -------------------  --------------  --------------- 
 

(1. Includes 3,200,000 warrants held by the Company's NOMAD, Beaumont Cornish Ltd)

Executive Directors Brian Larkin and Jonathan Leather increase their Shareholdings

Following Admission of the Warrant Shares Mr Larkin, the Company's CEO, and Mr Leather, the Company's COO, intend to sell a portion of Warrant Shares to fund the subscription price of the warrants, but their overall shareholding in the Company will increase from 1.56% to approx. 2.5% in case of Mr Larkin and from 0.78% to approx. 1.2% in case of Mr Leather. A further announcement detailing the exact resultant shareholding will be made in due course.

Application for Admission

Application has been made for the Warrant Shares to be admitted to trading on the AIM market of the London Stock Exchange ('Admission'). The Warrant Shares will rank pari passu in all respects with the existing issued ordinary shares of GBP0.01 pence each in the capital of the Company. Admission is expected to occur at 8.00am on 20 May 2021.

Total Voting Rights

Following the issue of the Warrant Shares, the total issued share capital of the Company will consist of 644,803,969 ordinary shares of GBP0.01 pence each carrying the right to one vote. There are no shares currently held in treasury. The total number of voting rights in the Company will therefore be 644,803,969 and this figure may be used by shareholders as the denominator for the calculations by which they determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR") as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018.

 
United Oil & Gas Plc (Company) 
Brian Larkin, CEO                            [e-mail] 
Beaumont Cornish Limited (Nominated 
 Adviser) 
Roland Cornish and Felicity Geidt            [phone] 
Optiva Securities Limited (Broker) 
Christian Dennis                             [phone] 
Murray (PR Advisor)                          [phone] 
Joe Heron                                    [e-mail] 
Camarco (Financial PR/IR) 
Billy Clegg                                  [phone] 
 Georgia Edmonds                              [e-mail] 
 James Crothers 
 

Notes to Editors

United Oil & Gas is a high growth oil and gas company with a portfolio of low-risk, cash generative production and development assets across Egypt, UK, Italy and a high impact exploration licence in Jamaica.

The Company is led by an experienced management team with a strong track record of growing full cycle businesses and partnered with established industry players and well positioned to deliver future growth through portfolio optimisation and targeted acquisitions.

United Oil & Gas is listed on the AIM market of the London Stock Exchange. For further information on United Oil and Gas please visit https://www.uogplc.com/

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May 17, 2021 02:00 ET (06:00 GMT)