United Oil & Gas Plc (LON:UOG) has raised £3mln of new capital to fund the pursuit of new projects.
The funds were raised through an oversubscribed share placing, selling 54.5mln new shares priced at 5.5p (plus share warrants which are exercisable at 8p).
“This is further validation of our strategy of building a strong and diverse portfolio of late-stage development projects in Europe and high-impact exploration in the Caribbean,” said Brian Larkin, United chief executive.
READ: United Oil & Gas ready to start North Sea farm-out efforts
"Our portfolio already includes a commercial gas discovery onshore Italy that is currently going through the permitting process, an interest in the upcoming well to appraise the Colter discovery in the UK which lies on the same trend as onshore Europe's most prolific oil field, and a 20% interest in the Tullow Oil-operated Walton-Morant licence, offshore Jamaica which holds the high grade 200mmbbl Colibri target.
“We do not intend to stop here, and these funds will be used to facilitate the expansion of our portfolio, as we look to add to the long pipeline of value driving opportunities which our shareholders are already exposed to.”
United also today issued its interim results statement, reporting on the six months ended June 30.
Larkin highlighted: "This has been an active period for United which has set us up for an exciting remainder of 2018.
“A number of high-impact news flow items are pending including our participation in an appraisal well in the Wessex Basin in the UK; results from a 3D seismic programme completed at our offshore Jamaica project; the commencement of a seismic programme to further unlock the value at the Podere Gallina discovery in Italy; and potential farm-in activity at our North Sea assets, in which we have a 95% interest.”
The pre-revenue explorer reported a £438,801 loss for the six month period, and, ended June with £2.41mln of cash.