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UK Oil & Gas Investments Completes £5 Million Institutional Placing

Source: www.gulfoilandgas.com 7/2/2018, Location: Europe

AIM-listed UK Oil & Gas Investments (UKOG) has announced that it has raised gross proceeds of £5 million via a placing including two institutional investors.

Details of the Placing
The issue price of 2 pence per share represents an approximate 5% discount to the closing price on 29th June 2018. A total of 250,000,000 new ordinary shares have been placed. Application will be made for these new ordinary shares to be admitted to trading on AIM and it is anticipated that trading in such shares will commence on or around 9 July 2018.

Use of Proceeds
Together with the funds raised in June, these funds will allow UKOG to embark on its projects' current 18-month work programme.

Stephen Sanderson, UKOG's Executive Chairman, commented: 'Together with the funds raised in June, the Company has now secured £10.5 million of investment during the last month, which given UKOG's current plans, mean that it has sufficient working capital for the next 18 months.

UKOG is now in a robust financial position to confidently pursue its projects' ambitious exploration and appraisal programme in the Weald Basin.'

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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