U.S. Oil and Gas PLC
(“USOIL” or “the Company”)
Placing
The Company is pleased to announce that it has today placed 3,856,555 new ordinary shares of EURO 0.0001 each (the “Placing Shares”) at an issue price of 64 pence per share (the “Placing”).
The Placing has raised gross proceeds of approximately GBP2.47m. The Placing’s proceeds are intended to be used to extend the Company’s well drilling programme. Based on the current analysis of available data, the Directors now intend to undertake a three well drilling programme, instead of the originally intended single well drilling programme.
The Directors expect to announce the start date and details of the well drilling programme shortly.
Director Shareholdings:
The following table sets out details of changes in the percentage of voting rights held by Directors, subsequent to the Placing. =————————————————————————————————————– Name Number of ordinary Number of ordinary Percentage of the Percentage of the shares held prior shares held after the voting rights in the voting rights in the to the Placing Placing issued ordinary share issued ordinary capital of the Company share capital of the prior to the company after the Placing (%) Placing (%) =————————————————————————————————————– James T Guiry 3,216,456 3,216,456 8.57% 7.77% 1,2 =————————————————————————————————————– Brian J 5,144,091 5,144,091 13.70% 12.43% McDonnell 1,3,4 =————————————————————————————————————– Christopher K 100,000 100,000 0.27% 0.24% Comerford =————————————————————————————————————– 1. Included in Brian McDonnell and James T. Guiry’s holdings are ordinary shares owned by Spurt Concepts Limited, a company of which Brian McDonnell and James T. Guiry are shareholders and directors.
2. James T. Guiry’s holding includes ordinary shares held by his wife, Margaret Guiry, via both joint and several holdings.
3. Included in Brian McDonnell’s holding is the holding of Carrefour Training and Development Ltd., a company of which Brian McDonnell is a shareholder and director.
4. Brian McDonnell’s holding includes ordinary shares held by his father, Bernard McDonnell.
The above interests relate to legal and beneficial holdings.
Shares in Issue:
The Placing Shares will rank pari passu in all respects with the existing fully paid ordinary shares. The Placing Shares and the existing ordinary shares each have one right to vote per share. Following the Placing, the Company will have 41,397,637 ordinary shares of ?0.0001 each in issue.
The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to, their interest in the Company. The Company’s total issued share capital is now EURO 4,139.76.
Additionally, the Company holds 845,000 ordinary shares in its treasury, which represents 2.04% of the enlarged issued ordinary share capital of the Company.
THE DIRECTORS OF THE COMPANY ACCEPT RESPONSIBILITY FOR THE CONTENTS OF THIS ANNOUNCEMENT
For further information contact:
U.S. Oil and Gas plc
Brian McDonnell, Chief Executive Officer+353 (0) 872383419
SVS Securities plc – PLUS Corporate Adviser
Peter Ward / Alexander Brearley+44 (0)20 7638 5600
SVS Securities plc – Broker
Ian Callaway / Alex Mattey +44 (0)20 7638 5600
Notes to Editors
U.S. Oil and Gas plc is a PLUS (Ticker: USOP) listed oil and gas exploration company with a strategy to identify and acquire oil and gas assets in the early phase of the upstream life-cycle and mature them in to marketable opportunities for the medium and large-sized oil companies. The Company’s main asset is in Nye County, Nevada where it holds the entire share capital of the US-based company Major Oil International LLC. Major Oil has acquired, and intends to acquire, rights to exploration and development acreage in two high potential resource areas in Hot Creek Valley, Nye County, adjacent to the oil and gas rich Railroad Valley area of Nevada, both of which are part of the Sevier Thrust of central Nevada and western Utah, USA.
For further information please refer to our website at: www.usoil.us
U.S. OIL AND GAS PLC
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Dow Jones NewswiresJuly 27, 2011 02:00 ET (06:00 GMT)Terms of Use | Contact Us
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