logo-loader
viewUK Oil & Gas PLC

UKOG to hit acquisition trail and could target foreign assets

Horse Hill plans are paid for, so the £3.5mln of new funds are now earmarked for new ventures

oil and gas operations
It has already funded horizontal drill plans at Horse Hill

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.

READ: UK Oil & Gas reports Horse Hill production milestones

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.”

Quick facts: UK Oil & Gas PLC

Price: 1.075 GBX

AIM:UKOG
Market: AIM
Market Cap: £71.92 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

NQ Minerals' David Lenigas focused on restructuring debt and upping profits...

NQ Minerals PLC's (LON:NQMI) David Lenigas speaks to Proactive London's Andrew Scott soon after taking over as chairman at the Australia-focused mining group. Production and exploration plans aside, Lenigas also says they're in advanced talks to replace on more favourable terms all the debt...

10 hours, 19 minutes ago

2 min read