UK Oil & Gas, the company behind the Horse Hill oil site in Surrey, has issued a total of 348 million shares in the past week.
The shares, valued at £3 million, will be issued to Magellan’s parent company, the Houston-based Tellurian Investments LLC.
On 30 December 2019, UKOG said it had converted £150,000 of a loan into 17,835,910 shares.
The two announcements increased the total number of UKOG shares by nearly 5%. There are now more than 7.3 billion shares in the company, almost enough to give one to every person on the planet.
Under the deal with Magellan, a final £1m payment in UKOG shares is due on or before 31 March 2020. The remaining loan, with Riverfort Global Opportunities and YA II PN Ltd, now stands at £3.6m.
The UKOG share price was up 3% on yesterday’s close, at 0.85p.