UK Oil & Gas plc has reduced its 2023 loan by issuing 200 million ordinary shares to lenders RiverFort Global Opportunities PCC Ltd and YA II PN Ltd. Conversion of the equity shares will further reduce the current £545,000 principal balance of the £2m gross first cash sum received. UKOG said that the reduction in […]
Tag: UK Oil & Gas plc (UKOG)
UKOG granted one year extension for Loxley
UK Oil & Gas plc has been granted a one-year extension to its Loxley gas licence by the North Sea Transition Authority. The company must begin drilling the Loxley-1 appraisal well on PEDL234 retention area work programme no later than 30 June 2025. The deadline allows the company to retain the full 300 km² licence without […]
UKOG refused more time for Broadford Bridge
UK Oil & Gas plc has been refused more time to assess its Broadford Bridge project in Sussex. PERIPHERAL West Sussex County Council extended planning permission in 2022 for PEDL234 up to 31 March 2024, but today rejected a further two years. UKOG has six months to appeal although it said the “envisaged geothermal scheme” […]
UKOG employee benefit trust subscribes for 3bn shares
UK Oil & Gas plc employee benefit trust (EBT) today subscribed for 3,005,000,000 ordinary shares in the company to return the EBT ordinary shareholding to its original 10% of the issued share capital. The company signed a loan agreement with EBT trustees Alum Trustees Ltd to fund the subscription, at a price per share of £0.0001, […]
UKOG issues 876m shares to reduce £2m loan
UK Oil & Gas plc has reduced its 2023 loan by issuing a fourth tranche of ordinary shares, totalling 876,412,394, to its lenders. The balance of the £2 million gross first cash sum from RiverFort Global Opportunities PCC Ltd and YA II PN Ltd is now £660,000. The shares were converted at an average of 0.0175 […]
UKOG restarts testing operations at Pinarova-1
UK Oil & Gas plc (UKOG) said that perforating and swab testing equipment had arrived and testing restarted at the Pinarova-1 exploration well site in Turkey. TARGET PSI’s larger 7-inch perforation guns will be deployed following normal site rig up and safety and environmental checks. UKOG’s site representative will monitor and quality control the full […]