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 electronic proxy appointment for use at the General Meeting | 11.00 a.m. on 13 March 2024 |
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 | | |
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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 |
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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
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