The number of shares in the onshore operator, UK Oil & Gas plc, has risen to 7.8 billion, up by more than a quarter since August 2019.
The company allotted another 27.7 million new shares today in the latest of a series of loan conversions.
This brings the increase in the total number of shares issued in the past eight months to 1.77 billion.
Since the start of 2020, the company’s lenders, Riverfort Global Opportunities and YA II PN Ltd, have converted £1.275m of a £5.5m loan into a total of 271.5m shares. The outstanding loan is now £2.325m.
During 2019, UKOG issued 607m shares to pay for its acquisition of Magellan in the Horse Hill site in Surrey. The final instalment of that deal, settled earlier this month, saw another 255m shares added to the total.
A fundraising for long-term production at Horse Hill saw 235m more shares issued in December 2019.
The UKOG share price has fallen since September 2019, when it peaked at 1.27p. Personal investors have complained on message boards about a dilution of their shares.
One said today:
“Agonising loan reduction… …for us shareholders, its [sic] like a very slow tooth extraction !!! imo”.
UKOG shares ended the day up 4.33% at 0.31p.