Anton Walkes rewarded a bright start with the opener on eight minutes but Liverpool hit back with an absolute screamer from Matt Virtue just after the half-hour.
Both teams created chances in the second half. Anthony Georgiou, Walkes and Shayon Harrison all went close but at the other end, Tom Glover was forced into two outstanding saves, one in-particular low down to his right to deny Madger Gomes was right out of the top-drawer as it stayed 1-1 at the Lamex Stadium.
"It's frustrating because we were well on top in the first 20 minutes, scored the goal and looked comfortable," said Ugo. "But in the end Tom Glover made top-class saves, point-blank, to keep us in it.
"We had so many counter-attacking opportunities, so many chances to make the right pass, the right cross, to hit the target - there must have been seven or eight. So that's the disappointing thing. We have to be more clinical.
"I thought Liverpool were there for the taking after our start but they sensed an anxiety in our game at 1-0, scored the equaliser and grew in belief.
"Even then, we had the chances to win it but we lost control for 15 minutes in the second half and became a bit scrappy. As I said, the disappointment was that we didn't have the composure to finish them off."