Weald-based UK Oil & Gas plc (UKOG) announced this morning it has raised £3m to spend in Turkey.
The funds were raised in a placing of more than 3 billion new shares.
UKOG said in a statement the money would funds further seismic testing and a new appraisal well in the Resan licence in Turkey. The well was expected to produce oil in the first half of next year, UKOG said.
This is the most recent of a series of placings to raise money for operations in Turkey. UKOG raised £1.5m in July 2022 and a further £5m in July 2021.
The company said today:
“The placing has been undertaken to provide the Company with a source of general working capital and to help deliver the Company’s previously stated near term goals of completing the Phase 2 Turkey seismic programme and the subsequent drilling of a new appraisal well in the Basur oil discovery, anticipated to be able to add near-term oil production to the Company in H1 2023.
The shares were issued at 0.0875p, a 20% discount on the previous closing price.
UKOG’s share price at the time of writing was down more than 18% at 0.09p.
Following the placing, total voting rights in UKOG now stand at more than 21 billion (21,096,376,104).
New finance officer
UKOG also announced it appointed a new chief finance officer.
Guzyal Mukhametzhanova replaces Matt Gormley, who is leaving the company.
Ms Mukhametzhanova has worked for KPMG’s energy and natural resources practice and JKX Oil and Gas Limited, where she was group financial controller and finance director.
Her role at UKOG is a non-board position, the company said.
DRILL OR DROP? 
You have to laugh , what happened to the Gatwick game changer ? UKOG couldn’t find oil on a bike chain yet still paying Snake oil Steve £1,000 a week from investor’s savings.
Of course the ‘placing’ isn’t to fund oil exploration, it’s to fund Directors salaries! 21 BILLION shares????
If my maths are correct they’d need to net 60 BILLION £££ before they could pay a dividend!!
How ludicrous is that?
No, your maths are not correct, Dianna. Dividends can be paid when a profit is made. Nothing to do with the numbers of shares, which will probably be consolidated for UKOG at some time, just as they are for many companies. If not, the dividend per share might be pretty small!
Investors savings? Are they like the investor savings spent to crowd fund, Jono? Strange preoccupation with how people spend their savings. Never bothered me what other people do with their own money.
I give what I can afford to a good cause Martin, as do many many of us , we don’t fund some wannabe oil Barron’s lifestyle, nor do we expect anything in return so we are never worried about losing anything. As has been said many times and many ways , it’s a Ponzi scam.
That’s strange, Jono. Same thing could have been said about Tesla for years and years.
Developed on borrowed money, no profit so no dividend for year after year. Pretty decent lifestyle for Mr. Musk during that period. Required huge Government(s) support to the consumer to discount the product.
People makes their choice and spend their money, Jono. Just like you do.
Ponzi scam? Hmm. But, not for IGAS, Egdon or Angus-or even Tesla! Bit selective there Jono, but figures do seem to be against you. Your terminology is incorrect Jono. Oil and gas exploration is a risky business. Not so much for the majors as they have ability to ride through individual situations. If investors into companies like UKOG do not know the risk, they only have themselves to blame. A few swampies posting their “shock and horror” on UKOG bulletin boards may be amusing but it will not have any impact upon others.
How many CFOs has UKOG had in last 5 years?
You would think they would have found something after raising £10m to drill a well complete a seismic study. Aladdin’s lamp not working!