Gulf Oil and Gas accountACCOUNT

UKOG Placing Triggers Important Next Phase of Weald Basin Activities

Source: www.gulfoilandgas.com 5/19/2017, Location: Europe

UK Oil & Gas Investments PLC (UKOG) has raised gross proceeds of £6.5 million through the placing of 12,500,000 new ordinary shares in the Company (New Shares) at 0.8 pence per New Share largely with institutional funds.

The net proceeds of the placing will be used to supplement the Company's existing cash balances and to fund UKOG's near-term growth strategy to further develop its leading position in the Kimmeridge Limestone oil play and five conventional oil and gas discoveries in the Weald.

Further Placing Details

The Company will apply for the admission of the New Shares to trading on AIM and such trading is expected to take place on or around 24 May 2017 (Admission). Following Admission, the Company's issued share capital will consist of 3,410,134,099 Ordinary Shares with no Ordinary Shares held in treasury. Therefore, the above figure of 3,410,134,099 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in UK Oil & Gas Investments PLC under the FCA's Disclosure and Transparency Rules.

Stephen Sanderson, UKOG's Executive Chairman, commented:

"This fundraising, the largest in the Company's history, has illustrated great confidence in our strategy to deliver near-term commercial production from both the new Kimmeridge Limestone play and our interests in five conventional discoveries in the Weald Basin.

The Company can now proceed with confidence to implement the first elements of this strategy, commencing with the drilling and extended well testing of our 100% owned Broadford Bridge-1 Kimmeridge Limestone well.

Broadford Bridge will start our planned 18-month operational journey that could be truly transformational for the company. There are exciting times ahead."

Financials and Investment News in United Kingdom >>

Georgia >>  5/17/2019 - AIM-listed Block Energy, the exploration and production company focused on the Republic of Georgia, has completed a placing of 109,090,000 new Ordinar...
South Korea >>  5/17/2019 - EnscoRowan has announced that an arbitration tribunal has awarded the Company $180 million in damages in its proceedings againstSamsung Heavy Industri...

United States >>  5/14/2019 - TGS-NOPEC Geophysical Company has announced that reflective of the Company’s strong financial and liquidity position and improving market outlook, the...
United States >>  5/7/2019 - McDermott International, Inc. had announced on April 29, 2019, that its Cameron LNG project did not experience any material change in its cost positio...

Senegal >>  5/2/2019 - FAR Limited is pleased to announce a placement to institutional and sophisticated investors to raise approximately AU$45 million before expenses by is...
United Kingdom >>  4/29/2019 - i3 Energy, an independent oil and gas company with assets and operations in the UK, has provided an update in relation to its announcement of 1st Marc...

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 


United Kingdom Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | 31 | 32 |

More News

Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.