UK Oil & Gas plc (UKOG) has raised gross proceeds of £1.25 million via a discounted placing of 1,428,571,428 new ordinary shares at 0.0875 pence per share.
PLACING
The company said that the placing price represented a discount of approximately 27% to the closing price of 0.12 pence per ordinary share on 26 July 2022.
The placing shares represent 8.09% of the enlarged issued share capital.
USES
Proceeds will go towards UKOG’s Basur oil discovery in SE Turkiye and for general working capital.
The company added it would need to seek further financing for its share of the Basur appraisal well and for working capital purposes to help fund its other “significant” projects.
UKOG’s other interests are in onshore oil and gas licences in Surrey and Sussex.