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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
United Oil & Gas Plc | LSE:UOG | London | Ordinary Share | GB00BYX0MB92 | ORD GBP0.00001 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.005 | -2.56% | 0.19 | 0.18 | 0.20 | 0.195 | 0.19 | 0.195 | 2,295,120 | 15:42:31 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Crude Petroleum & Natural Gs | 15.83M | 2.35M | 0.0036 | 0.53 | 1.25M |
TIDMUOG
RNS Number : 4920M
United Oil & Gas PLC
31 July 2017
31 July 2017
United Oil & Gas Plc
(formerly Senterra Energy plc)
("UOG" or the "Company")
Readmission to Trading
The Board of the Company is pleased to announce that following Acquisition of the UOG Group and the Placing raising GBP3 million before expenses, the Company's Enlarged Share Capital is today admitted to the Official List (Standard Segment) and to trading on the London Stock Exchange's Main Market for listed securities.
Brian Larkin, the Company's CEO, commented: "We are delighted to list United Oil & Gas Plc on the London Stock Exchange along with completing a fully subscribed share placing of GBP3million. Our work programs are wholly funded and we look forward to drilling our first well in the Selva field in the Po Valley in Italy, in October. In addition, we continue to evaluate further potential acquisitions and farm-in opportunities".
Information on the Enlarged Group
The UOG Group, established in 2015, has a strategy to acquire non-core oil and gas licences from larger oil and gas companies, with the goal of being an active partner to unlock previously untapped value and thus generating value for Shareholders.
UOG is primarily focusing on Europe, taking advantage of the management team's extensive experience in this market and benefitting from the stable political and fiscal systems in the region.
Current Portfolio
Ø Waddock Cross Field Project (UK)
In August 2016, UOG UK acquired First Oil's stake in the PL090 Licence, which includes: the Waddock Cross Field itself (approximately 19 km(2) ) and the further exploration area within the PL090 Licence (approximately 183 km(2) ). UOG's PL090 Licence interests are summarised in Table 1.3 below.
Table 1.1: Waddock Cross Field Project Summary
Base-case Near-Term Activity Equity CoS Resource Net Asset (%) (%) Type Resources Waddock Cross 26.25 N/A(1) Contingent 0.32mmbbls(1) Seismic reprocessing underway. Well operations scheduled for end '17/early '18 Seismic reprocessing to assist drilling Prospective decision underway. Broadmayne 18.95 25 0.38mmbbls(2) Potential well H2 2018.
(1) the Net Contingent Resources are unrisked in that they have not been multiplied by a chance of development.
(2) the Net Prospective Resources are unrisked in that they have not been multiplied by the geological chance of success (COS).
Table 1.3: Summary of interests in the PL090 Licence
Licence Licence block Company Interest expiry (%) date Waddock Cross Egdon Resources UK 55.00% 31 March PL090 Limited 2024 UOG UK 26.25% Aurora Exploration (UK) Ltd 18.75% Egdon Resources UK Exploration PL090 Limited 42.50% UOG UK 18.95% Aurora Exploration (UK) Ltd 13.54% Corfe Energy Limited 25.00%
Ø Podere Gallina Project (Italy)
On 4 May 2017, UOG and Po Valley Operations Pty Ltd ("PVO"), a company incorporated and registered in Australia, a wholly owned subsidiary of Po Valley Energy Ltd ("PVE"), entered into the Podere Gallina Farm-in Agreement ("Farm-in Agreement"), pursuant to which PVO conditionally agreed to sell to UOG, a 20 per cent. interest in the Podere Gallina Exploration Licence held by PVE and awarded by the Ministry of Economic Development (the "Ministry") on 2 December 2008 (the "Exploration Licence"), and which includes the Podere Maiar-1 exploration well.
The principal condition of the Farm-in Agreement was that UOG raise a minimum of GBP3 million. Accordingly, having completed the Placing, the Farm-in Agreement is now unconditional.
Pursuant to the Farm-in Agreement, UOG has a 20 per cent. working interest in the Exploration Licence on funding 40 per cent. of the cost of the Podere Maiar appraisal well that is scheduled to be drilled in Q4 2017. PVE, which was awarded the Exploration Licence in September 2008, is the licence operator and has an 80 per cent. working interest in the Exploration Licence.
Accordingly, UOG has the following interest in the Exploration Licence:
Table 0.6: Podere Gallina licence details
Operator UOG Interest (%) Status Licence expiry date Licence Area Po Valley Energy Ltd 20% Exploration 2 September 2017
(suspension application filed to
3 February 2018 - 506 km(2)
see below)
Table 1.2: Podere Gallina Project Summary
Base-case Near-Term Activity Equity CoS Resource Net Asset (%) (%) Type Resources Podere Maiar 20 N/A(1) Contingent 0.57mmboe Rig contracted (Selva Strat) for drilling in Q4 '17 3D seismic to de-risk prospect planned East Selva 20 13 Prospective 1.16mmboe post- Podere Maiar well 3D seismic to de-risk prospect planned Fondo Perino 20 34 Prospective 0.49mmboe post- Podere Maiar well Plans to be firmed-up post-Podere Cembalina 20 51 Prospective 0.11mmboe Maiar well
(2018)
(1) Minimal geological risk, as hydrocarbons are already proven
Board Changes
Effective from today, both Kurt Portmann and Jeremy King have resigned as directors of the Company. Brian Larkin has been appointed as Chief Executive Officer and Dr Jonathan Leather as Technical Director of the Company whilst Alberto Cattaruzza remains Non-Executive Director.
The Placing and use of proceeds
In connection with the Acquisition and Readmission, the Company raised gross proceeds of GBP3 million (GBP2,666,000 net of Transaction Costs) through the issue of 120,000,000 Placing Shares at the Placing Price of 2.5p per share.
The Placing was conducted in order to complete the Farm-in Agreement and to support the business growth of the Enlarged Group.
Capitalised terms in this announcement are as defined in the prospectus published on 25 July 2017, which is available on the Company's website: www.uogplc.com, unless the context otherwise requires.
For more information please visit the Company's website at www.uogplc.com or contact:
United Oil & Gas Plc (Company) ===================================== ================================ Brian Larkin brian.larkin@unitedoilandgas.eu ===================================== ================================ Optiva Securities Limited (Broker) ===================================== ================================ +44 (0) 20 3137 Christian Dennis 1902 ===================================== ================================ Beaumont Cornish Limited (Financial Adviser) ===================================== ================================ Roland Cornish and Felicity +44 (0) 20 7628 Geidt 3396 ===================================== ================================ Murray (PR Advisor) +353 (0) 87 6909735 ===================================== ================================ Joe Heron jheron@murrayconsultanta.ie ===================================== ================================
PLACING AND READMISSION STATISTICS
Number of Ordinary Shares in issue as at the date of this Document 27,000,000 Number of Placing Shares to be issued pursuant to the Placing 120,000,000 Number of Consideration Shares to be issued pursuant to the Acquisition 53,935,001 Number of Ordinary Shares in issue on Readmission 200,935,001 Placing Shares as a percentage of the Enlarged Share Capital 59.7% Consideration Shares as a percentage of the Enlarged Share Capital 26.8% New Ordinary Shares as a percentage of the Enlarged Share Capital 86.6% Number of Existing Warrants in issue as at the date of this Document 60,000 Number of Warrants in issue on Readmission 37,260,000 Placing Price 2.5 pence Gross proceeds of Placing GBP3,000,000 Transaction Costs GBP334,000 Estimated net proceeds of the Placing GBP2,666,000 receivable by the Company Market capitalisation of the Company GBP5.0 million at the Placing Price on Readmission DEALING CODES ISIN GB00BYX0MB92 SEDOL BYX0MB9 TIDM (prior to Change of Name) SEN TIDM (on Readmission and following UOG Change of Name)
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCOKFDPPBKDKOB
(END) Dow Jones Newswires
July 31, 2017 02:00 ET (06:00 GMT)
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