U.S. OIL and GAS plc's (Ticker: USOP) core activities are in the USA, with ongoing exploration activity in Nevada where the company holds a large lease acreage.

10 February, 2017 - U.S. Oil & Gas Plc.- Open Offer

10 February, 2017
 

U.S. Oil & Gas Plc.

("US Oil" or the "Company")
 

Open Offer

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA (INCLUDING ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA), AUSTRALIA, CANADA, JAPAN, SWITZERLAND OR SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT

FURTHER, THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND SHALL NOT CONSTITUTE, OR FORM THE BASIS OF AN OFFER TO SELL OR ISSUE OR THE SOLICITATION OF AN OFFER TO BUY, SUBSCRIBE FOR OR OTHERWISE ACQUIRE ANY NEW OR EXISTING ORDINARY SHARES OF US OIL AND GAS PLC IN ANY JURISDICTION IN WHICH ANY SUCH OFFER OR SOLICITATION WOULD BE UNLAWFUL

Open Offer of 8,088,285 new Ordinary Shares at STG 0.27 pence (EUR 0.32) per share

U.S. Oil & Gas Plc, ("USOIL" or the “Company”), the oil and gas exploration company with assets in Nevada, makes the following announcement:

Open Offer

US Oil & Gas plc is pleased to announce the launch of an Open Offer to issue up to 8,088,285 new Ordinary Shares to Qualifying Shareholders at STG 0.27 pence (Eur 0.32) per share each on the basis of ten open offer shares for every sixty three existing ordinary shares. A circular concerning the Open Offer (the "Circular") will be posted to Qualifying Shareholders shortly.

The Board has decided to provide an opportunity for Qualifying Shareholders to participate in an issue of new Ordinary Shares. The Open Offer is not being underwritten but, assuming take-up in full, will raise gross proceeds of circa €2,588,251 for the Company (before expenses).

Eligible Shareholders may subscribe for Open Offer Shares on the following basis:

10  Open Offer Shares for every 63 Existing Ordinary Shares held

Shareholders subscribing for their full entitlement under the Open Offer may also request additional Open Offer Shares through the Excess Application Facility.

The Open Offer Shares will, when issued, rank pari passu in all respects with the Existing Ordinary Share.

It is proposed that the monies raised by the Open Offer, if fully subscribed, will be allocated as follows:

  1. Working capital to maintain the assets in good standing, cover general and administrative costs, financing costs, marketing and necessary corporate activity.

  2. Re-entering the Eblana #1 well, penetrating multiple targets. The Comany may also carry out additional surveying, data analysis and reporting and may plan and/or drill a further well or wells in so far as available funds permit.

  3. Obtaining a trading facility for the Ordinary Shares on a recognised exchange, subject to available funds.

    Further details of the Open Offer, including the terms and conditions and what actions Qualifying Shareholders may take, are set out in the Circular. A copy of the Circular will be made available on the Company's website www.usoil.us shortly.

    Unless otherwise stated, terms and expressions defined in the Circular have the same meaning in this announcement.

    The Circular will be posted today to Shareholders and sets out in more detail the background to and reasons for the Open Offer.

    THE DIRECTORS OF THE COMPANY ACCEPT RESPONSIBILITY FOR THE CONTENTS OF THIS
    ANNOUNCEMENT

    Neither this announcement nor the information contained herein constitutes an offer or solicitation by U.S. Oil and Gas Plc for the purchase or sale of any securities nor does it constitute a solicitation to any person in any jurisdiction where solicitation would be unlawful.

    For further information contact:

    Brian McDonnell, Chief Executive Officer +353 (1) 631 9022
    Alexander David Securities Ltd - Corporate Finance Adviser
    David Scott +44 (0) 20 7448 9820
    James Dewhurst +44 (0) 20 7448 9820
    Email:  james.dewhurst@ad-securities.com

    About U.S. Oil & Gas:

    U.S. Oil & Gas plc is an 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. The Company's
    main asset is in Nye County, Nevada where it holds the entire share capital of US-based company,  Major Oil International LLC ("Major Oil"). Major Oil has acquired rights to exploration and development acreage 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

    Ends