Business
Corporate Update: Change of AIM Trading Status
Corporate Update: Change of AIM Trading Status.
About this update from Uk Oil & Gas Plc
[{"type":"text","content":"\n \nRNS Number : 9367T UK Oil & Gas Investments PLC 09 July 2018 \n\nUK Oil & Gas Investments PLC\n(\"UKOG\" or the \"Company\")\n \nCorporate Update: Change of AIM Trading Status\n \nUK Oil & Gas Investments PLC (London AIM: UKOG) is pleased to announce that it intends to change its trading status under AIM rules from an Investing Company to that of an Operating Company. The change of status will be implemented following publication of an admission document and obtaining the requisite shareholder consent. The Company expects to publish the related status-change circular and admission document before the end of July 2018.\n \nUnder the new AIM Operating Company status, the Company will be able to take direct controlling operated interests in oil and gas exploration, appraisal and production assets and generally conduct its business with fewer restrictions than an Investing Company. Following the status change, UKOG's current investing policy will cease. \n \nStephen Sanderson, UKOG's Executive Chairman commented:\n \n\"The trading status change is an essential forward step in the Company's evolution. The new status will enable UKOG to take direct controlling and operated interests in existing assets and in any future acquisitions.\"\n \nPEDL233 Licence Update\n \nAs previously reported in the Company's unaudited results for the six-month period ended 31 March 2018, we highlighted that the initial term on PEDL233 was set to expire on 30 June 2018. The Oil and Gas Authority has now confirmed the licence has now lapsed.\n \nBoth UKOG and the licence's operator, IGas Energy Enterprise Limited, concluded that the asset offered low commercial potential together with significant future drilling and production planning consent issues related to its location in the South Downs National Park. This asset ranked low in UKOG's investment portfolio. No drilling activities or material expenditure was allocated to this asset over the next 18 months.\n \nQualified Person's Statement\n \nStephen Sanderson, UKOG's Executive Chairman, who has over 38 years of relevant experience in the oil industry, has approved the information contained in this announcement. Mr Sanderson is a Fellow of the Geological Society of London and is an active member of the American Associ...