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 pence per share.
Following admission, UKOG’s total voting rights will be 29,534,926,104 ordinary shares.