UK Oil & Gas plc (LON:UKOG) has signalled that it is going on the acquisition trail, potentially picking up assets outside the United Kingdom.
This morning, UKOG revealed that it has raised £3.5mln through a share placing arranged by WH Ireland. It is selling 333.3mln new shares priced at 1.05p, a 12.5% discount.
UKOG highlighted that it was already funded to complete the upcoming work programmes for the Horse Hill discovery – the Horse Hill-1z and Horse Hill-2 horizontal drilling programme – so, the new cash injection is earmarked for new opportunities.
In a statement, it said: “The placing's proceeds will be utilised in the assessment and acquisition of new opportunities, both in the UK onshore and elsewhere.”