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UK Oil & Gas Investments PLC - Loan Conversion

UK Oil & Gas Investments PLC (London AIM: UKOG), announces that, in relation to the £10 million financing announced on 15 November 2017 ("Loan"), it has received a notice of exercise from Cuart Investments PCC Ltd and YA II PN Ltd ("Investors") to convert part of the Loan, with an aggregate par value of £500,000, into equity ("Conversion Notice").


The Company has, therefore, today allotted 43,963,774 new ordinary shares to the Investors ("Investor Shares"). The Investor Shares will rank pari passu in all respects with the existing ordinary shares.


Application will be 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 16 April 2018.  After today's conversion, the Par Value outstanding on the Loan is £4.5 million.


Following Admission, the Company's enlarged issued share capital will comprise 3,834,466,771 ordinary shares. The Company does not hold any shares in treasury. This figure of 3,834,466,771 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.


Loan Terms


The terms of the Loan, as stated by the Company on 15 November 2017, includes a provision that for as long as any portion of the Loan is outstanding, neither the Investors nor any of their affiliates;


i.  shall hold any net short position with respect to the equity of UKOG and

ii. can trade more than 15 % of the number of UKOG shares that have traded in a trading day.


The Loan is convertible in tranches of not less than £250,000, with a limit of £3 million per quarter, starting from the 15 November 2017, unless otherwise agreed by the Company.

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