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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.”

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