UK Oil & Gas plc announced today it had raised £2.2m to fund initial operations in its new interest in the Resan oil exploration project in Turkey.
The money was raised through a placing of 1,374m shares. This takes the total number of shares in UKOG to 12,474,385,050.
The company’s share price ended the day down 15.79% at 0.16p.
In July 2020, UKOG made an initial agreement to take a 50% interest in the Resan Licence, operated by Aladdin Middle East Ltd.
The company said today the proceeds of the placing would fund UKOG’s share of initial operations costs in Resan, including the purchase of long-lead drilling equipment, construction of a drilling pad and preparations for acquisition of seismic data.
UKOG said it was in the final stages of concluding final agreements. If these were not signed, the money would be used instead to develop existing UK assets, UKOG said.
This is UKOG’s second placing so far this year. A £4.2m placing in June 2020 repaid the loan with Riverfort Global Opportunities PCC Limited and YA II PN Ltd and bought previously rented surface production equipment at the Horse Hill oil site in Surrey.
Strange how the UKOG motto “Energy for Britain “ is being used when they aren’t providing any energy in or for Britain, gobble gobble gobble Turkey for Sharecoin Sanderson, stuffing for investors, dwindling oil production but a nice supply of waste water to treat at how much a barrel?
Anyone still falling for the Billions of barrels of oil ?
If you convert from £ to $ it covers cost of 1st well, 2D seismic and penalty clause with not a lot of change. Someone did their sums.
Strange how some were not expecting such a fund raising, although it was clearly outlined within recent weeks, and those who needed to, and had a few grey cells will have mitigated accordingly.
UKOG ARE supplying SOME energy IN UK, Jono. Can you not post a comment and remain factual?
Maybe they will supply a bit more IN UK. Maybe they will supply a bit more FOR UK, or Turkey. There-that is how to be factual, your alternative is fabrication. But the “alternatives” often are.