Finance News Oil & Gas

United warns of impact of rejected £1m fundraise

Posted on Author editorial Comment(1)

United Oil & Gas plc today warned its business could be hindered if shareholders’ opposed yesterday’s £1 million fundraise.

The placing to raise the funds is conditional on, among other things, shareholders’ approval at the general meeting on 15 March.

“Failure to secure the funds could hamper the company’s business and impact on its exploration and development programme or meet its work commitments under existing licences,” said the company in a statement.

United aims to use the funds to progress its 22,400km2 Walton Morant licence, offshore Jamaica.

Related Articles
Metals & Minerals News

Oriole confirms extended mineralisation at Faré

Posted on Author editorial

Oriole Resources plc announced an extension of mineralisaton following results from the 2,148 metres reverse circulation (RC) drilling at the Faré prospect at the Senala gold project, Senegal. RESULTS The company’s joint venture partner and operator IAMGOLD Corporation, currently in Year 4, has the option to spend up to US$8 million to earn a 70% interest. Oriole said that […]
News Oil & Gas

Prospex notes Podere Maiar gas plant-pipeline contract

Posted on Author editorial

Prospex Energy plc said that its joint venture partner had signed the contract for the installation of the gas plant and pipeline at a lower cost on the Podere Maiar gas field in the Po Valley, northern Italy. JOINT VENTURE Prospex holds a 37% working interest in the licence with operator Po Valley Energy Ltd holding the […]
News Oil & Gas

Wressle JV expects proppant squeeze to improve cash flow

Posted on Author editorial

Egdon Resources plc announced it had received approval to start the proppant squeeze operation at the Wressle oil field development in North Lincolnshire. OPTIMISATION The operator holds a 30% operated interest in licences PEDL180 and PEDL182 with joint venture partners Europa Oil & Gas (Holdings) plc (30% working interest) and Union Jack Oil plc (40%).  […]

One Reply to “United warns of impact of rejected £1m fundraise”

  1. Pingback: Shareholders back United's £1m fundraise - Extractive Industries

Comments are closed.