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U.S. Oil & Gas raises working capital as it continues to look forward to new drilling

Some 987,344 shares were sold at a price of 31p each.

U.S. Oil & Gas raises working capital as it continues to look forward to new drilling

US Oil & Gas Plc (USOP) has issued a statement revealing it has raised US$382,482 for working capital.

The company told investors it had sold 987,344 shares priced at 31p per share.

Previously, in July, the unlisted Nevada explorer raised US$577,295 in a share placing with private investors to fund its drilling operations. At that time the shares were sold at 30p.

July’s funds were described as being earmarked for working capital including the funding of drilling operations as it planned to focus on drilling new wells having plugged and abandoned its Eblana-1, Eblana-3 and Eblana-6 wells.

In an operations update alongside the news of the placing, the company said further geological work and modelling had reinforced its belief that both western and eastern plays in its acreage were “highly prospective” and included a potential analogue of the nearby Grant Canyon oil field, which contains around 20mln barrels of oil.

The intention was now to finalise “multiple potential drilling targets” in the western play, it said last month.

A seismic survey is planned and preliminary work on drilling applications and well design were said to be “advanced”.

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