REG - United Oil & Gas PLC - Posting of Circular and Notice of General Meeting

United Oil & GasAnnouncement

28/02/2024 07:00

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RNS Number : 6959E  United Oil & Gas PLC  28 February 2024

 

 

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

 

28 February 2024

 

United Oil & Gas plc

("United" or "the Company")

 

Posting of Circular and Notice of General Meeting

 

Further to the announcement on 27 February 2024 (the "Placing Announcement")
regarding the Conditional Fundraising to raise £1,000,000 the Company today
announces that it has published a shareholder circular (the "Circular") and
notice of general meeting (the "General Meeting") for the purpose of proposing
a vote in relation to certain resolutions, such resolutions to include those
in connection with the Conditional Fundraising and the proposed sub-division
of the Company's existing ordinary shares of £0.01 each into new ordinary
shares of £0.00001 (the "Resolutions"). The detailed reasons for and
background to the Resolutions are set out in the Circular, which was posted to
Shareholders yesterday and will be uploaded on the Company's website today
https://www.uogplc.com/.

Capitalised terms used in this announcement have the meaning given in the
Placing Announcement unless the context requires otherwise or as otherwise
defined herein.

The General Meeting of United Oil & Gas PLC is to be held at the offices
of Armstrong Teasdale, 38-43 Lincoln's Inn Fields, London, WC2A 3PE on 15
March 2024 at 11.00 a.m.

The Form of Proxy for use in connection with the General Meeting should be
completed and returned in accordance with the instructions thereon so as to be
received by the Company's registrars, Share Registrars Limited, 3 The
Millennium Centre, Crosby Way, Farnham, Surrey GU9 7XX  by no later than
11.00 a.m. on 13 March 2024.

Completion and return of a Form of Proxy will not preclude Shareholders from
attending and voting in person at the General Meeting should they so wish.

Recommendation

The Directors consider the passing of the Resolutions to be in the best
interests of the Company and its Shareholders as a whole. The Directors wish
to raise additional working capital by completing the Conditional Placing to
progress the Jamaica work programme and have the funds to continue the farmout
process and associated administration costs. Failure to secure the funds could
hamper the Company's business and impact on its exploration and development
programme or meet its work commitments under existing licences. Accordingly,
the Directors unanimously recommend that all Shareholders vote in favour of
the Resolutions, as they intend to do, or procure to be done, in respect of
their own beneficial shareholdings, in aggregate, 21,598,219 Ordinary Shares,
representing approximately 3.29 per cent. of the existing issued Ordinary
Share capital.

 

 

Indicative Timetable

 

 Publication of the Circular                                                     27 February 2024
 Latest time and date for receipt of forms of proxy, CREST Proxy Instruction or  11.00 a.m. on 13 March 2024
 electronic proxy appointment for use at the General Meeting
 General Meeting                                                                 11.00 a.m. on 15 March 2024
 Sub-Division Record Date                                                        6:00 p.m. on 15 March 2024
 Expected effective date of the Sub-Division                                     8:00 a.m. on 18 March 2024
 Expected date of Admission of Fundraising Shares to trading on AIM              18 March 2024

 

  END

 

 Enquiries
 United Oil & Gas Plc (Company)
 Brian Larkin, CEO                                      brian.larkin@uogplc.com (mailto:brian.larkin@uogplc.com)

 Beaumont Cornish Limited (Nominated Adviser)
 Roland Cornish | Felicity Geidt | Asia Szusciak        +44 (0) 20 7628 3396

 Tennyson Securities (Joint Broker)
 Peter Krens                                            +44 (0) 20 7186 9030

 Optiva Securities Limited (Joint Broker)
 Christian Dennis                                       +44 (0) 20 3137 1902

 Camarco (Financial PR)
 Andrew Turner | Emily Hall | Sam Morris                +44 (0) 20 3757 4983

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated
Adviser and is authorised and regulated by the FCA. Beaumont Cornish's
responsibilities as the Company's Nominated Adviser, including a
responsibility to advise and guide the Company on its responsibilities under
the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed
solely to the London Stock Exchange. Beaumont Cornish is not acting for and
will not be responsible to any other persons for providing protections
afforded to customers of Beaumont Cornish nor for advising them in relation to
the proposed arrangements described in this announcement or any matter
referred to in it.

 

Notes to Editors

United Oil & Gas is an oil and gas company with a development asset in
the UK and a high impact exploration licence in Jamaica.

The business is led by an experienced management team with a strong track
record of growing full cycle businesses, partnered with established industry
players and is 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 www.uogplc.com (http://www.uogplc.com/)

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