Industry

UKOG confirms fundraising

Broadford Bridge 170827 Weald Oil Watch 2

UKOG’s Broadford Bridge site in West Sussex, 27 August 2017. Photo: Weald Oil Watch

The Weald-based exploration company, UK Oil and Gas Investments Plc, announced today it was considering raising funds.

In a statement to shareholders, it said :

“The Company is progressing discussions and should any arrangement be finalised a further announcement will be made.

“Terms including amount and pricing are to be agreed and there can be no certainty a transaction will be finalised.”

UKOG referred in the statement to media speculation. Earlier today, the website ShareProphets said UKOG was “sounding out investors about a £5m placing” and was “struggling to find any demand”.

UKOG shares fell on this afternoon’s statement. At one point, they were down 29% at 0.95p. At the close of trading, they had recovered to 1.08p, down 13% on the day.

UKOG has interests in southern England in Surrey, West Sussex, Isle of Wight and Hampshire. Shareholders have been expressing concern about the lack of news about final go-ahead for flow testing at Horse Hill near Gatwick.

Two days ago (6 June 2018), UKOG announced it was considering a change of status on the AIM junior stock market, from an investment to an operating company (DrillOrDrop report).

In November 2017, the company announced a £10m loan with Cuart Investments PCC Ltd and YA II PN Ltd. The agreement allows the investors to convert tranches of the loan to ordinary shares, with a limit of £3m per quarter. The most recent loan conversion was on 4 June 2018. The par value outstanding on the loan is £3.75m.

7 replies »

  1. They are calling it #BlackFriday , who would want to finance a company who has existing debt and has had nothing but a few jars of oil from Broadford Bridge ? Certainly not a reputable lender ( If one exists ) More like the WONGA type maybe . Hope they have held on to some cash to pay court costs if and when they lose that .

  2. No oil from Horse Hill then Jono? And they have no sites in production? Ever read what Ruth posts?

    That must have been the proverbial from the horses then?

    Is it so difficult to excite the buddies, whilst sticking to the facts? I think we know the answer to that. Not even an opaque attempt at misinformation.

  3. The wheels are certainly falling off, any buyers, any buyers?…NO.ALL mugs have had enough. Like I said the other day Celtique were a very shrewd outfit, they realised ponzi scheme was dead and jumped ashore first. Looks like UKOG are trying to follow suit but Celtique did business firstand now UKOG stranded with assets. If you can sell now, your very lucky whatever the loss. Quality to watch these cowboy conmen in a quagmire on a Black Friday!

    • Spare a fasand pands fur an’ offshore tax haven frackin’ op guv? I’m dan ta me last penny share issue?

  4. FLFS-so, you know what they might be fund raising for? Please do tell. (perhaps it just might be they want to extend their operation, or accelerate development? Bit like Angus did recently? No, that couldn’t be right as the price of oil is so low. Ohh, no it isn’t! Maybe think again.)

    It really is fun, to see the lame attempts to knock UKOG-there are plenty of real reasons to do so. Any budding anti would look at this, and think, “why are they missing an open goal. Perhaps they don’t know what they are doing?” No wonder the budding antis have withered, rather than bloomed.

  5. Oh Martin , you are such an optimist , if Horse Hill was so good they wouldn’t have wasted 10 months at Broadford Bridge . Will see investors pull their hair out tomorrow when shares that were at 10p not so long ago hit 0.5p while Sanderson happily takes his salary . The Weald is not going to give up commercial oil without fracking by whatever name they are presently using . Maybe it would be better for UKOG to inform its loyal investors exactly what is going on rather than hear it from Tom Winnifrith or DrillorDrop just to save cash on an RNS .

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