Shares in UK Oil & Gas closed down more than 4% on news that the company had raised £2m in a share placing, snapped up by a single investor.
Angus Energy has raised a £1.5m loan facility to pay for the costs of decommissioning oil and gas wells.
UK Oil & Gas confirmed today it had more time to drill in two southern England exploration licences, where no work has yet been carried out.
UK Oil & Gas plc reported today that it intended to increase its stake in the Horse Hill exploration licences in Surrey.
The Kimmeridge formation at Brockham in Surrey is unlikely to generate significant volumes of oil because it isn’t mature, investors were told this evening.
Angus Energy has said it is in talks to sell its stake in an oil production licence in Surrey after revealing that a controversial sidetrack well was unlikely to flow commercially without extra stimulation.
Angus Energy announced today it had raised just over £3m in a placing of more than 70 million new shares.