REG - UK Oil & Gas Inv PLC - Corporate Update: Change of AIM Trading Status

UK Oil & GasAnnouncement

09/07/2018 07:05

RNS Number : 9367T
UK Oil & Gas Investments PLC
09 July 2018
 


UK Oil & Gas Investments PLC
("UKOG" or the "Company")
 
Corporate Update: Change of AIM Trading Status
 
UK Oil & Gas Investments PLC (London AIM: UKOG) is pleased to announce that it intends to change its trading status under AIM rules from an Investing Company to that of an Operating Company. The change of status will be implemented following publication of an admission document and obtaining the requisite shareholder consent. The Company expects to publish the related status-change circular and admission document before the end of July 2018.
 
Under the new AIM Operating Company status, the Company will be able to take direct controlling operated interests in oil and gas exploration, appraisal and production assets and generally conduct its business with fewer restrictions than an Investing Company. Following the status change, UKOG's current investing policy will cease.
 
Stephen Sanderson, UKOG's Executive Chairman commented:
 
"The trading status change is an essential forward step in the Company's evolution. The new status  will enable UKOG to take direct controlling and operated interests in existing assets and in any future acquisitions."
 
PEDL233 Licence Update
 
As previously reported in the Company's unaudited results for the six-month period ended 31 March 2018, we highlighted that the initial term on PEDL233 was set to expire on 30 June 2018. The Oil and Gas Authority has now confirmed the licence has now lapsed.
 
Both UKOG and the licence's operator, IGas Energy Enterprise Limited, concluded that the asset offered low commercial potential together with significant future drilling and production planning consent issues related to its location in the South Downs National Park. This asset ranked low in UKOG's investment portfolio. No drilling activities or material expenditure was allocated to this asset over the next 18 months.
 
Qualified Person's Statement
 
Stephen Sanderson, UKOG's Executive Chairman, who has over 38 years of relevant experience in the oil industry, has approved the information contained in this announcement. Mr Sanderson is a Fellow of the Geological Society of London and is an active member of the American Association of Petroleum Geologists.
 
For further information, please contact:
 
UK Oil & Gas Investments PLC
Stephen Sanderson / Kiran Morzaria                                                      Tel: 01483 243450
 
WH Ireland (Nominated Adviser and Broker)
James Joyce / James Sinclair-Ford                                                           Tel: 020 7220 1666
 
Cenkos Securities PLC (Joint Broker)
Joe Nally / Neil McDonald                                                                         Tel: 0207 397 8919
 
Public Relations
Brian Alexander / David Bick                                                                     Tel: 01483 243450
 
UKOG Licence Interests
 
The Company has interests in the following UK licences:



Asset


Licence


UKOG's Interest


Licence Holder


Operator


Area (km2)


Status




Avington 1


PEDL070


5%


UKOG (GB) Limited


IGas Energy Plc


18.3


Field currently shut in




Broadford Bridge 3


PEDL234


100%


Kimmeridge Oil & Gas Limited 4


Kimmeridge Oil & Gas Limited 4


300.0


BB-1 & 1z completed, preparing two further planning applications




Holmwood 3


PEDL143


40%


UKOG


Europa Oil & Gas (Holdings) plc


91.8


Holmwood-1 exploration well planned in 2018




Horndean 1


PL211


10%


UKOG (GB) Limited


IGas Energy Plc


27.3


Field in stable production




Horse Hill 5


PEDL137


32.435%


Horse Hill Developments Ltd ⁶


Horse Hill Developments Ltd ⁶


99.3


Production tests and further appraisal well(s) scheduled for 2018




Horse Hill 5


PEDL246


32.435%


Horse Hill Developments Ltd⁶


Horse Hill Developments Ltd ⁶


43.6


As above




Isle of Wight (Onshore) 2, 3


PEDL331


65%


UKOG


UKOG


200.0


Preparing Arreton-3 oil discovery appraisal well planning submission




Markwells Wood 2


PEDL126


100%


UKOG (GB) Limited


UKOG (GB) Limited


11.2


Revised planning application underway



 
Notes:
 
1. Oil field currently in production.
2. Oil discovery pending development and/or appraisal drilling.
3. Exploration asset with drillable prospects and leads. PEDL234 contains the Broadford Bridge-1 and 1z

  discovery well, the extension of the Godley Bridge Portland gas discovery plus further exploration

  prospects.
4. UKOG has a 100% interest in Kimmeridge Oil & Gas Limited, which has a 100% interest in PEDL234.
5. Oil discovery with successful flow test in 3 zones, further long-term testing scheduled in 2018
6. UKOG has a direct 49.9% interest in HHDL, which has a 65% interest in PEDL137 and PEDL246.
 
 
The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014.




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