REG - United Oil & Gas PLC - Proposed Adjournment of GM to 20 March 2024

United Oil & GasAnnouncement

14/03/2024 07:00

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RNS Number : 7737G  United Oil & Gas PLC  14 March 2024

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

 

14 March 2024

United Oil & Gas plc

("United" or "the Company")

 

Proposed Adjournment of General Meeting from 15 March 2024 to 20 March 2024

United Oil & Gas Plc (AIM: "UOG"), the oil and gas company with a high
impact exploration asset in Jamaica and development asset in the UK provides
an update in relation to the announced placing.

 

Further to the "Posting of Circular and Notice of General Meeting"
announcement on 28 February 2024, the general meeting of the Company ("GM")
will commence as scheduled on 15 March 2024, and promptly be adjourned until
11 am on 20 March 2024, at our registered office located at 38-43 Lincoln's
Inn Fields, London, WC2A (the "Adjourned Meeting").

Consequently, the voting period will remain active until 11 am on 18 March
2024.

 

The adjournment has been called to enable the Company to engage with
shareholders regarding their voting intentions, as it is crucial for the
successful passage of resolutions. Methods of participation and voting at the
Adjourned Meeting shall be the same as the ones set out in the Circular dated
27 February 2024.

Shareholders are urged to refer to the recommendations in the Chair's letter
in the circular which is set out in full below. It is explicitly stated that
failure of the equity placing would cast significant uncertainty over the
Company's ability to continue as a going concern.

Recommendation

 

The Directors believe that the passing of the Resolutions is in the best
interests of the Company and Shareholders, taken as a whole. Shareholders
should note that, if the Company does not receive the proceeds of the
Fundraising, the Company would have to seek alternative forms of finance
and/or undertake other activities such as delaying or reducing capital
expenditure. Failure to secure alternative forms of finance at all or on
commercially acceptable terms, or undertaking other activities such as
delaying or reducing capital expenditure, could have a material adverse effect
on the Company's business, financial condition, prospects, capital resources,
cash flows, share price, liquidity, results and/or future operations. In
particular, failure to conclude the Fundraising will compromise the Company's
ability to continue as a going concern. As a result, the Company may be unable
to fulfil its long-term exploration and appraisal programme or meet its work
commitments under existing licences. Failure to do so could result in the
premature termination, suspension or withdrawal of the Group's licences.
Accordingly, the Directors unanimously recommend shareholders to vote in
favour of the Resolutions, as they will do in respect of their ordinary shares
in the Company, representing in aggregate 3.29 per cent (%) of the Existing
Ordinary Shares in issue as at the date of this document.

 

Updated Indicative Timetable

 

 Admission and commencement of dealings in the Placing Shares on AIM            21 March 2024
 Latest time and date for receipt of Forms of Proxy                             11.00 a.m. on 18 March 2024
 Adjourned Meeting                                                              11.00 a.m. on 20 March 2024
 Announcement of results of the Adjourned Meeting                               20 March 2024
 Record date for the Share Capital Reorganisation                               6.00 p.m. on 20 March 2024
 Admission and commencement of dealings in the New Ordinary Shares on AIM       8.00 a.m. on 21 March 2024
 CREST accounts to be credited for the Placing Shares to be held in             21 March 2024
 uncertificated form
 Dispatch of definitive share certificates for applicable Placing Shares to be  No later than 14 days following the date of Admission
 held in certificated form

 

 END

 

This announcement contains inside information for the purposes of Article 7 of
Regulation 2014/596/EU which is part of domestic UK law pursuant to the
Market Abuse (Amendment) (EU Exit) regulations (SI 2019/310).

 

 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) 020 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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