ADVFN Logo

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for alerts Register for real-time alerts, custom portfolio, and market movers

UOG United Oil & Gas Plc

0.19
-0.005 (-2.56%)
28 Mar 2024 - Closed
Delayed by 15 minutes
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

United Oil & Gas PLC Readmission to Trading (4920M)

31/07/2017 7:00am

UK Regulatory


United Oil & Gas (LSE:UOG)
Historical Stock Chart


From Mar 2019 to Mar 2024

Click Here for more United Oil & Gas Charts.

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)

1 Year United Oil & Gas Chart

1 Year United Oil & Gas Chart

1 Month United Oil & Gas Chart

1 Month United Oil & Gas Chart

Your Recent History

Delayed Upgrade Clock