Exercise, Grant & Amendment of Options or Warrants

UK Oil & Gas Investments PLC

("UKOG" or the "Company")

Exercise, Grant and Amendment of Options or Warrants

UK Oil & Gas Investments PLC (London AIM: UKOG), announces the exercise of 1 million options, the grant of 17.5 million options and the amendment to the expiry date for certain options over ordinary shares granted in the 2015 option scheme.

Exercise of Warrants

UKOG announces that it has received notice of the exercise of warrants to subscribe for a total of 1,000,000 new ordinary shares in the Company (the "New Ordinary Shares"). The exercise price of the warrants was 0.4 pence. The Company has received £4,000 in respect of this exercise.

Application has been made for these New Ordinary Shares to be admitted to trading on AIM and it is anticipated that trading in such shares will commence on or around 20 April 2017.

 

Following Admission, the Company's enlarged issued share capital will comprise 3,835,466,771 ordinary shares. The Company does not hold any shares in treasury. This figure of 3,835,466,771 ordinary shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.

Grant and Amendment of Options

The Company also announces that it has granted options over 17.5 million shares in the capital of the Company. These options were granted to employees and consultants who are not Persons Discharging Managerial Responsibility ("PDMR") on behalf of the Company.

During its review of option awards the Independent Directors of the Company approved an extension of the exercise period of 25 million options previously granted to Stephen Sanderson (Chairman and Chief Executive Officer ("CEO")) and 10 million options granted to Matt Cartwright (Chief Operating Officer ("COO")). 

The independent directors determined that to ensure the continued alignment of the interests of shareholders and the option holders and considering the liquidity of the Company's shares it would be beneficial to extend these options rather than allow their exercise in the current open period and consider the grant of further options to both the CEO and COO.

As such the Independent Directors on 13/04/2018 have approved the extension of the term these options may be exercised from 31/12/2017 to 31/12/2019. All other terms and conditions relating to these options, including the exercise price, remain unchanged.

Due to publication of the Company's Annual Accounts on 29/03/2018, the Directors were deemed to be insiders (as defined in the Criminal Justice Act 1993 and the Financial Services and Markets Act 2000) and were prevented from exercising these options under the provisions of UKOG's Share Dealing Code. In such an event and as noted in the Company's RNS on 09/01/2018, the exercise period is deemed to be extended for 10 business days following the date on which the option holder ceases to be an insider. This period was therefore extended to 13/04/2018.

Director	Position	Options extended	Total Options Held	Current holding in UKOG	Current Shareholding as a % of Current Issued Share Capital (excluding options)
Stephen Sanderson	CEO & Director	25,000,000	85,000,000	-	-
Matt Cartwright	COO	10,000,000	40,000,000	517,598	0.01 %

The exercise, grant and change to the expiry date of options is notifiable pursuant to the EU Market Abuse Regulation. Notification and public disclosure of transactions by PDMR and persons closely associated with them in accordance with the requirements of the EU Market Abuse Regulation can be found below:

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Stephen Sanderson
2	Reason for the notification
a)	Position/status	Executive Chairman & Chief Executive Officer
b)	Initial notification/ Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	UK Oil & Gas Investments PLC
b)	LEI	213800IZP9HKGVLHQ907
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument   Identification code	Ordinary Share     GB00B9MRZS43
b)	Nature of the transaction	Extension of expiry date of grant of options over ordinary shares to 31 December 2019
c)	Price(s) and volume(s)	Price(s) Volume(s) 0.4 pence 25,000,000
d)	Aggregated information -      Aggregated volume -      Price	25,000,000 0.4 pence
e)	Date of the transaction	13/04/2018
f)	Place of the transaction	Outside Trading Venue

 

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Matt Cartwright
2	Reason for the notification
a)	Position/status	Chief Operating Officer
b)	Initial notification/ Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	UK Oil & Gas Investments PLC
b)	LEI	213800IZP9HKGVLHQ907
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument   Identification code	Ordinary Share     GB00B9MRZS43
b)	Nature of the transaction	Extension of expiry date of grant of options over ordinary shares to 31 December 2019
c)	Price(s) and volume(s)	Price(s) Volume(s) 0.4 pence 10,000,000
d)	Aggregated information -      Aggregated volume -      Price	10,000,000 0.4 pence
e)	Date of the transaction	13/04/2018
f)	Place of the transaction	Outside Trading Venue

 

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 in stable production
Baxters Copse 2	PEDL233	50%	UKOG Weald Limited	IGas Energy Plc	89.6	Appraisal/development well planned; licence extended to 2018
Broadford Bridge 3	PEDL234	100%	Kimmeridge Oil & Gas Limited 4	Kimmeridge Oil & Gas Limited 4	300.0	BB-1 & 1z drilling and testing of multiple zones completed
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 drilling and testing 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. Contains the Broadford Bridge-1&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

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.