UK Oil & Gas plc has issued 206,965,282 ordinary shares to reduce the £2 million loan from lenders RiverFort Global Opportunities PCC Ltd and YA II PN Ltd.
Future conversion of the shares will further reduce the principal balance below January’s £660,000 figure.
Following admission, the total voting rights in the company will be 3,460,957,892 ordinary shares.
UKOG announced the issue of shares on 13 March.