REG - United Oil & Gas PLC - Results for Half Year ending 30 June 2024
30/09/2024 07:00
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RNS Number : 1097G United Oil & Gas PLC 30 September 2024
United Oil & Gas PLC / Index: AIM / Epic: UOG / Sector: Oil & Gas
30 September 2024
United Oil & Gas plc
("United" or "the Company")
Results for Half Year ending 30 June 2024
United Oil & Gas Plc (AIM: "UOG"), the oil and gas company with a high
impact exploration asset in Jamaica and a development asset in the UK is
pleased to announce its unaudited results for the period ending 30 June 2024.
Brian Larkin, United Chief Executive Officer commented:
"In January 2024, we received confirmation of our Jamaican licence had been
extended for two years, until 31 January 2026. To strengthen our team, we
appointed Herona Thompson as Jamaican Country Manager to oversee the agreed
work programme with the Ministry of Science, Energy, Telecommunication, and
Transport (MSETT). Jamaica remains our primary driver for growth, with the
licence offering significant exploration potential. Our focus is now firmly on
advancing the project and progressing the ongoing farmout process to unlock
its value, and currently working with a number of interested parties.
United faced a challenging start to 2024, largely due to foreign exchange
issues in Egypt, which ultimately led to the company receiving a default
notice from the operator of the Abu Sennan concession. Although we were in
discussions to sell our 22% stake, legal advice prevented us from finalising
the draft Sale and Purchase Agreement (SPA) despite efforts to reach a
mutually acceptable deal.
United agreed settlement terms with its debt provider, enabling the company to
finalise the paperwork required for withdrawal from the Abu Sennan concession.
This settlement is subject to finalisation of the withdrawal paperwork and we
are working with our joint venture partners to complete the process.
In March 2024, we successfully raised £1 million (gross) through an equity
placement to support our operations and subsequently received a payment of $1
million from EGPC. On 16 April, we announced that we had receivable balance of
$0.5 million, however after a working capital reconciliation, that balance
increased to approximately $0.8 million net from EGPC.
In April 2024, our Waddock Cross licence was extended by a further five years
securing its long-term potential. We continue to progress plans for the
redevelopment, which has the potential to provide a low-risk, high margin
opportunity for the Group.
Outlook
"As we move forward, our primary focus remains on Jamaica, which we believe
offers transformative potential for United. The planning and permitting
processes for the piston core sampling is advancing, with permits expected in
early 2025.
We remain engaged with a number of interested parties as we continue to
progress the farmout process.
We are fully focused on advancing our core assets and look forward to updating
the market as these opportunities develop in the coming months."
1H 2024 Corporate and Operational Highlights
• Two -year licence extension granted in Jamaica
• Appointment of Herona Thompson as Jamaican Country Manager
• In March 2024, £1 million (gross) raised through equity placing and 1
warrant issued for every 3 shares, expiring 31 December 2024
• Default notice received from Operator on the Abu Sennan Concession
• Five-year licence extension granted on Waddock Cross Licence in which
United has a 26.25% working interest
1H 2024 Financial Highlights
• Operating Loss - $1.384 million (2023 restated: loss $1.282million)
• Loss after tax continuing operations - $1.386 million (2023 restated: loss
$1.292 million)
• Discontinued operations loss $0.230 million (2023: profit $1.891 million)
• Loss for period - $1.616 million (2023: profit $0.599 million)
• Settlement terms agreed with Debt provider
• Cash and cash equivalents at 30 June - $0.755 million (2023: $0.553
million)
• $1 million received from EGPC in April 2024
END
Enquiries
United Oil & Gas Plc (Company)
Brian Larkin, CEO 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
Shard Capital Limited (Joint Broker) +44 (0) 207 186 9900
Damon Heath | Isabella Pierre
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)
CONSOLIDATED INCOME STATEMENT
Period ended 30 June 2024
Note Period ended 30 June 2024 Period ended 30 June 2023 Year ended 31 December 2023
Unaudited Unaudited Audited
Restated Restated
$ $ $
Continuing operations:
Revenue - - -
Cost of sales - - -
- - -
Gross profit
Administrative expenses:
Other administrative expenses (641,849) (616,769) (1,065,013)
Exploration and New Venture write offs (157,489) (301,656) (1,428,875)
Foreign exchange (losses) / gains (584,191) (363,297) (1,204,458)
Operating loss (1,383,529) (1,281,722) (3,698,346)
Finance expense (2,709) (10,196) (77,632)
Loss before taxation (1,386,238) (1,291,918) (3,775,978)
Taxation - - -
Loss for the period from continuing operations (1,386,238) (1,291,918) (3,775,978)
Discontinued operations 4 (230,012) 1,890,832 (16,589,188)
(Loss)/ profit for the financial period attributable to the Company's equity (1,616,250) 598,914 (20,365,166)
shareholders
(Loss)/ earnings per share from continuing operations expressed in cents per
share:
Basic 3 (0.15) (0.10) (0.58)
Diluted 3 (0.15) (0.10) (0.58)
Total (loss) / earnings per share expressed in cents per share:
Basic 3 (0.17) 0.09 (3.10)
Diluted 3 (0.17) 0.09 (3.10)
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Period ended 30 June 2024 Period ended 30 June 2023 Year ended 31 December 2023
Unaudited Unaudited Audited
Restated Restated
$ $ $
(Loss)/ profit for the financial period (1,616,250) 598,914 (20,365,166)
Foreign exchange difference (9,549) 45,512 9,499
(Loss)/ profit for the financial period attributable to the Company's equity (1,625,799) 644,426 (20,355,667)
shareholders
CONSOLIDATED BALANCE SHEET
On 30 JUNE 2024
Note 30 June 2024 30 June 2023 31 December 2023
Unaudited Unaudited Audited
$ $ $
NON-CURRENT ASSETS
Intangible assets 5 6,776,958 7,937,945 6,138,180
Property, plant and equipment 38,200 22,317,006 87,539
6,815,158 30,254,951 6,225,719
CURRENT ASSETS
Inventory - 373,918 -
Trade and other receivables 6 888,021 3,789,268 2,012,258
Cash and cash equivalents 755,247 553,920 1,992,496
1,643,268 4,717,106 4,004,754
CURRENT LIABILITIES
Trade and other payables (1,549,374) (5,173,107) (1,900,774)
Derivative financial instruments (189,356) (1,728,712) (1,189,356)
Lease liabilities (43,097) (42,092) (94,348)
(1,781,828) (6,943,911) (3,184,478)
NON-CURRENT LIABILITIES
Decommissioning Provisions (252,362) (249,244) (254,068)
Lease liabilities - (7,356) -
(252,362) (256,600) (254,068)
NET ASSETS 6,424,236 27,771,546 6,791,927
CAPITAL AND RESERVES ATTRIBUTABLE TO EQUITY -
HOLDERS OF THE COMPANY 7
8,846,017 8,839,679 8,839,679
Share capital
Share premium 7 17,885,304 16,798,823 16,798,823
Share-based payment reserve 2,676,975 2,716,063 2,511,686
Merger reserve (2,697,357) (2,697,357) (2,697,357)
Translation reserve (1,008,187) (962,625) (998,638)
Retained earnings (19,278,516) 3,076,963 (17,662,266)
TOTAL EQUITY 6,424,236 27,771,546 6,791,927
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Period ended 30 June 2024
Share- based payment reserve Retained Translation reserve Merger reserve
earnings
Share capital Share premium Total
equity
$ $ $ $ $ $ $
For the period ended 30 June 2024
Balance at 1 January 2024 8,839,679 16,798,823 2,511,686 (17,662,266) (998,638) (2,697,357) 6,791,927
Loss for the period - - - (1,616,250) - - (1,616,250)
Foreign exchange difference - - - - (9,549) - (9,549)
Total comprehensive income for the period - - - (1,616,250) (9,549) - (1,625,799)
Contributions by and distributions to owners:
Share based payments - - 45,371 - - - 45,371
Shares issued 6,338 1,261,222 - - - - 1,267,560
Share issue expenses - (174,741) 119,918 - - - (54,823)
Total contributions by and distributions to owners 6,338 1,086,481 165,289 - - - 1,258,108
Balance at 30 June 2024 (Unaudited) 8,846,017 17,885,304 2,676,975 (19,278,516) (1,008,187) (2,697,357) 6,424,236
For the period ended 30 June 2023 (Restated)
Balance at 1 January 2023 8,839,679 16,798,823 2,547,688 2,478,049 (1,008,137) (2,697,357) 26,958,745
Profit for the period - - - 598,914 - - 598,914
Foreign exchange difference - - - - 45,512 - 45,512
Total comprehensive income for the period - - - 598,914 45,512 - 644,426
Contributions by and distributions to owners:
Share based payments - - 168,375 - - - 168,375
Total contributions by and distributions to owners - - 168,375 - - - 168,375
Balance at 30 June 2023 (Unaudited) 8,839,679 16,798,823 2,716,063 3,076,963 (962,625) (2,697,357) 27,771,546
For the period ended 31 December 2023 (Restated)
Balance at 1 January 2023 8,839,679 16,798,823 2,547,688 2,478,049 (1,008,137) (2,697,357) 26,958,745
Loss for the period - - - (20,365,166) - - (20,365,166)
Foreign exchange difference - - - - 9,499 - 9,499
Total comprehensive income for the year - - - (20,365,166) 9,499 - (20,355,667)
Contributions by and distributions to owners:
Share-based payments - - 188,849 - - - 188,849
Lapsed share-based payments - - (224,851) 224,851 - - -
Total contributions by and distributions to owners - - (36,002) 224,851 - - 188,849
Balance at 31 December 2023 (Audited) 8,839,679 16,798,823 2,511,686 (17,662,266) (998,638) (2,697,357) 6,791,927
CONSOLIDATED STATEMENT OF CASHFLOWS
Period ended 30 June 2024
Period ended 30 June 2024 Period ended 30 June 2023 Year ended 31 December 2023
Unaudited Unaudited Audited
$ $ $
Cash flows from operating activities
(Loss) / profit before taxation (1,616,250) 1,766,517 (18,157,008)
Adjustments for:
Share-based payments 45,371 168,375 188,849
Depreciation & amortisation 47,268 2,185,290 3,618,163
Impairment of intangible assets - - 2,602,234
Impairment of production assets - - 21,715,270
Interest expense 2,709 10,690 78,424
Foreign exchange movements 608,495 499,892 1,334,903
Tax paid - (1,167,603) (2,208,157)
(912,407) 3,463,161 9,172,678
(Increase) in inventories - (105,058) 268,859
Decrease / (increase) in trade and other receivables 1,124,238 680,225 2,457,234
(Decrease) / increase in trade and other payables (362,477) 334,163 (1,797,824)
Net cash (used in) / generated from operating activities (150,646) 4,372,491 10,100,947
Cash flows from investing activities
Purchase of property, plant & equipment - (2,992,206) (4,959,474)
Spend on exploration activities (642,017) (492,145) (1,280,665)
Net cash used in investing activities (642,017) (3,484,351) (6,240,139)
Cash flows from financing activities
Issue of ordinary shares (net of expenses) 1,212,738 - -
Repayments on swap financing arrangement (1,000,000) (1,118,250) (1,718,250)
Capital payments on lease (52,792) (45,829) (95,806)
Interest paid on lease (2,709) (3,213) (5,504)
Net cash generated by / (used in) financing activities 157,237 (1,167,292) (1,819,560)
(Decrease) / increase in cash and cash equivalents (635,426) (279,152) 2,041,248
Cash and cash equivalents at beginning of period / year 1,992,495 1,345,463 1,345,463
Effects of exchange rate changes (601,822) (512,391) (1,394,215)
Cash and cash equivalents at end of period / year 755,247 553,920 1,992,496
Notes to the financial information
Period ended 30 June 2023
1. GENERAL
The interim financial information for the period to 30 June 2024 is unaudited.
2. ACCOUNTING POLICIES
The interim financial information in this report has been prepared on the
basis of the accounting policies set out in the audited financial statements
for the period ended 31 December 2023, which complied with International
Financial Reporting Standards as adopted for use in the European Union
("IFRS").
IFRS is subject to amendment and interpretation by the International
Accounting Standards Board ("IASB") and the IFRS Interpretations Committee and
there is an on-going process of review and endorsement by the European
Commission.
The financial information has been prepared on the basis of IFRS that the
Directors expect to be applicable as at 31 December 2024.
The Directors have adopted the going concern basis in preparing the financial
information. In assessing whether the going concern assumption is
appropriate, the Directors have taken into account all relevant available
information about the foreseeable future.
The condensed financial information for the year ended 31 December 2023 set
out in this interim report does not comprise the Group's statutory accounts as
defined in section 434 of the Companies Act 2006.
The statutory accounts for the year ended 31 December 2023, which were
prepared under IFRS, have been delivered to the Registrar of Companies. The
auditors reported on these accounts; their report was unqualified and did not
contain a statement under section 498(2) or 498(3) of the Companies Act 2006.
Foreign currency
Transactions in foreign currencies are recorded at the rate ruling at the date
of the transaction. Monetary assets and liabilities denominated in foreign
currencies are translated at the rate of exchange ruling at the year-end date.
All differences are taken to the Income Statement.
Assets and liabilities of subsidiaries that have a functional currency
different from the presentation currency (US dollar), if any, are translated
at the closing rate at the date of each balance sheet presented. Income and
expenses are translated at average exchange rates. All resulting exchange
differences are recognised in other comprehensive income (loss), if any.
Going Concern
The Group's business activities, together with the factors likely to affect
its future development, performance and position are set out in the CEO's
statement in the annual report 2023.
United regularly monitors its business activities, financial position, cash
flows and liquidity through the preparation and review of detailed forecasts.
Scenarios and sensitivities are also regularly presented to the Board, which
could affect the Group's future performance and position. A base case forecast
has been considered which includes budgeted commitments, a Jamaican farmout
with some back costs recovered, the 166m warrants being exercised in December
2024 and receipt of our outstanding receivables from the Egyptian General
Petroleum Corporation.
The key assumptions and related sensitivities include a "Reasonable Worst
Case" ("RWC") sensitivity where the Board has considered a scenario with
significant aggregated downside, including a delay in the farmout, subject to
different terms and conditions than budgeted, no exercise of warrants, delay
in receiving outstanding receivables and an equity raise.
Under the combined RWC, the Group forecasts there will be sufficient resources
to continue in operational existence for the foreseeable future. The various
assumptions considered were:
a. Timing of receivables from Egyptian General Petroleum Corporation
b. Securing a Jamaica farmout with reimbursement of back costs
c. No Jamaica Farmout in the period
d. Exercise of the Warrants in December 2024
e. No Exercise of Warrants
The likelihood of all the downside sensitivities occurring simultaneously is
unlikely. Under such a RWC scenario, we have identified suitable mitigating
actions, including deferring capital expenditure, adjusting the Group's cost
base, and potentially undertaking an equity raise, which would be subject to
market conditions and is not guaranteed to succeed. However, based on past
experience, the Directors believe that an equity raise is likely to be
successful.
Based on the forecast prepared by the Directors, the Group will be able to
discharge all liabilities as they fall due.
The Directors believe that the Group is reasonably likely to achieve a
Jamaican farmout or, if necessary, obtain further equity funding. However,
there is no guarantee that the Group will be able to secure a farmout or such
equity funding.
The Directors have considered the various matters set out above and have
concluded that a material uncertainty exists that may cast significant doubt
on the ability of the Group to continue as a going concern and the Group may
therefore be unable to realise their assets or discharge their liabilities in
the normal course of business. Nevertheless, after making enquiries and
considering the uncertainties described above, the Directors are of the view
that the Group will have sufficient cash resources available to meet their
liabilities and continue in operational existence for at least 12 months from
the date of approval of these 2024 interim financial statements.
On that basis, the Directors consider it appropriate to prepare the interim
financial statements on a going concern basis. These financial statements do
not include any adjustment that would result from the going concern basis of
preparation as not appropriate to use.
Exploration and evaluation assets
The group accounts for oil and gas expenditure under the full cost method of
accounting.
Costs (other than payments to acquire the legal right to explore) incurred
prior to acquiring the rights to explore are charged directly to the profit
and loss account. All costs incurred after the rights to explore an area have
been obtained, such as geological, geophysical, data costs and other direct
costs of exploration and appraisal are accumulated and capitalised as
intangible exploration and evaluation ("E&E") assets.
E&E costs are not amortised prior to the conclusion of appraisal
activities. At the completion of appraisal activities if technical feasibility
is demonstrated and commercial reserves are discovered, then following
development sanction, the carrying value of the relevant E&E asset will be
reclassified as a development and production asset within tangible fixed
assets.
If after completion of appraisal activities in an area, it is not possible to
determine technical feasibility or commercial viability, then the costs of
such unsuccessful exploration and evaluation are impaired to the Income
Statement. The costs associated with any wells which are abandoned are fully
amortised when the abandonment decision is taken.
Development and production assets are accumulated generally on a field
by-field basis and represent the costs of developing the commercial reserves
discovered and bringing them into production, together with the E&E
expenditures incurred in finding commercial reserves which have been
transferred from intangible E&E assets.
The net book values of development and production assets are depreciated
generally on a field-by-field basis using the unit of production method based
on the commercial proven and probable reserves. Assets are not depreciated
until production commences.
Depreciation of production assets
Production assets are accumulated into cash generating units (CGUs) and the
net book values are depreciated on a prospective basis using the unit-of
production method by reference to the ratio of production in the year and the
related economic commercial reserves, taking into account future development
expenditures necessary to bring those reserves into production.
The gain or loss arising on disposal or scrapping of an asset is determined as
the difference between the sales proceeds, net of selling costs, and the
carrying amount of the asset and is recognised in the income statement.
Each asset's estimated useful life has been assessed with regard to both its
own physical life limitations and the present assessment of economically
recoverable reserves of the oil and gas asset at which the item is located,
and to possible future variations in those assessments. Estimates of remaining
useful lives are made on a regular basis for all oil and gas assets, machinery
and equipment, with annual reassessments for major items. Changes in estimates
which affect unit production calculations are accounted for prospectively.
Classification and measurement of financial liabilities
The Group's financial liabilities include borrowings, trade and other payables
and embedded derivative financial instruments.
Financial liabilities are initially measured at fair value, and, where
applicable, adjusted for transaction costs unless the Group designated a
financial liability at fair value through profit or loss.
Subsequently, financial liabilities are measured at amortised cost using the
effective interest method except for derivatives and financial liabilities
designated at FVTPL, which are carried subsequently at fair value with gains
or losses recognised in profit or loss.
All interest-related charges and, if applicable, changes in an instrument's
fair value that are reported in profit or loss are included within finance
costs or fair value gains/(losses) on derivative financial instruments.
3. EARNINGS PER SHARE
Basic earnings per share is calculated by dividing the profit attributable to
ordinary shareholders by the weighted average number of ordinary shares
outstanding during the period.
Basic and diluted earnings per share
Unaudited Unaudited Audited
Period ended Period ended Year ended
30 June 2024 30 June 2023 31 December 2023
Loss / profit for the period used in calculating total earnings per share ($) (1,616,250) 598,914 (20,365,166)
Loss/ profit for the period used in calculation of earnings per share from (1,386,238) (1,291,918) (3,775,978)
continuing operations
Weighted average number of ordinary shares for the purposes of basic earnings 939,321,002 656,353,969 656,353,969
per share(number)
Dilutive shares
Weighted average number of ordinary shares for the purposes of diluted
earnings per share(number)
Basic (loss) per share from continuing operations (cents per share) (0.15) (0.10) (0.58)
Diluted (loss) per share from continuing operations (cents per share) (0.15) (0.10) (0.58)
Basic and diluted (loss) / earnings per share from continuing and discontinued (0.17) 0.09 (3.10)
operations
4. DISCONTINUED OPERATIONS
In November 2023, the Group made a decision to discontinue the Egypt
operations.
The results of the discontinued operations, which have been included in the
reported result for the period, were as follows:
Unaudited Unaudited Audited
30 June 2024 30 June 2023 31 December 2023
$ $ $
Revenue - 6,401,660 11,603,378
Other revenue - 1,167,603 2,208,157
Cost of sales - (4,159,685) (7,618,685)
Administrative expenses (178,528) (214,054) (371,049)
Impairment of exploration & producing assets - - (23,249,658)
Release other Egypt working capital (27,179) 3,178,065
Foreign exchange losses (24,305) (136,595) (130,446)
Interest expense - (494) (793)
Loss before tax (230,012) 3,058,435 (14,381,031)
Attributable tax expense - (1,167,603) (2,208,157)
Net loss attributable to discontinued operations (230,012) 1,890,832 (16,589,188)
The 2023 comparative results have been restated to show the effect of the
discontinued operations separately from continuing operations in accordance
with IFRS 5.
Assets and liabilities of Egypt have not been classified as held for sale as
at 30 June 2024 or 31 December 2023 due to their immaterial nature and because
all short-term assets and liabilities are expected to be either settled or
transferred to continuing Group operations. These are included in the
respective Group assets and liabilities and are as follows:
Unaudited Audited
30 June 2024 31 December 2023
Assets $ $
Property, plant and equipment 6,309 6,309
Trade and other receivables 839,460 1,966,380
Cash 44,301 1,468,315
Total assets 890,070 3,441,004
Liabilities
Trade and other payables - (9,917)
Lease liability (8,616) (8,616)
Total liabilities (8,616) (18,533)
Net assets 881,454 3,422,471
5. INTANGIBLE ASSETS
Intangible assets comprise the Group's exploration and evaluation projects
which are pending determination.
Management review the intangible exploration assets for indications of
impairment at each balance sheet date based on IFRS 6 criteria. Commercial
reserves have not yet been established and the evaluation and exploration work
is ongoing. The Directors do not consider that any indications of impairment
have arisen and accordingly the assets continue to be carried at cost.
6. TRADE AND OTHER RECEIVABLES
Unaudited Unaudited Audited
30 June 2024 30 June 2023 31 December 2023
$ $ $
Trade receivables 839,200 2,640,577 873,165
Prepayments and deposit - 34,802 7,174
Accrued income - 1,078,232 1,093,215
Other tax receivables 37,612 35,657 38,704
Other receivables 11,209 - -
888,021 3,789,268 2,012,258
7. SHARE CAPITAL & SHARE PREMIUM
Allotted, issued, and fully paid:
30 June 2023
Share capital Share premium
No $ $
Ordinary shares of £0.01 each
Opening balance 656,353,969 8,839,679 16,798,823
At 30 June 656,353,969 8,839,679 16,798,823
30 June 2024
Share capital Share premium
No $ $
Ordinary shares of £0.01 each
Opening balance 656,353,969 8,839,679 16,798,823
Share split 20 March 2024
Deferred A Shares of £0.00999 656,353,969 8,830,840 16,782,024
New Ordinary shares of £0.0001 656,353,969 8,839 16,799
Issue of ordinary shares net of transaction costs 500,000,000 6,338 1,086,480
At 30 June 1,156,353,969 8,846,017 17,885,303
On 20 March 2024, there was a capital organisation where the ordinary shares
were split into 656,353,969 new ordinary shares of £0.0001 and 656,353,969
deferred shares A of £0.00999. The Deferred A Shares will have no dividend or
voting rights and, on a return of capital, the right only to receive the
amount paid up on such Deferred A Shares and only after the holders of
ordinary shares in the capital of the Company have received the amount of
£100 million of capital returns in respect of each ordinary share held by
them respectively. The Deferred A Shares will not be admitted to trading on
AIM and they will not have in any practical terms, economic value or
commercial purpose.
On 20 March 2024, the group issued 500,000,000 shares raising £1 million, as
part of this placing, there was 1 warrant issued for every 3 shares held of
£0.0028. As a result, c. 166 million warrants were issued with an expiry date
of 31 December 2024. There were a further c. 21.65 million fee warrants issued
at an exercise price of £0.002 which expire five years from date of issue.
31 December 2022
Share capital Share premium
No $ $
Ordinary shares of £0.01 each
Opening balance 656,353,969 8,839,679 16,798,823
At 31 December 656,353,969 8,839,679 16,798,823
8. EVENTS AFTER THE BALANCE SHEET DATE
There have been no events since the Balance Sheet date that have any material
impact on the half year results announced today.
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. END IR UBVNRSKUKUARRecent news on United Oil & Gas
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