UK Oil & Gas PLC shareholders approved a share consolidation on Tuesday at its reconvened general meeting.

The London-based exploration and production company, which focuses on projects in the UK and Turkey, said all resolutions were passed, including one to consolidate 32.5 million shares in a 10:1 ratio to 3.3 million shares.

This is alongside consolidating a similar amount of B shares at the same ratio.

Earlier in February, the general meeting was reconvened as a result of shareholders’ questions, prompting UKOG to take further advice in relation to its capital reorganisation and the associated resolutions proposed.

UKOG shares were quoted at 0.063 pence each in London on Wednesday morning. On a consolidated basis, this is down 6.5% from a would-be 0.07p each at the close on Tuesday.

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