The company behind oil production at Horse Hill in Surrey has raised £1.275m in a share placing to pay for cost cuts.
The number of shares in the onshore operator, UK Oil & Gas plc, has risen to 7.8 billion, up by more than a quarter since August 2019.
UK Oil & Gas, the company behind the Horse Hill oil site in Surrey, has issued a total of 348 million shares in the past week.
The future of Europa Oil & Gas Limited depends on production this year from the Wressle well in north Lincolnshire, the company’s accounts have revealed.
Shareholders in most UK onshore oil and gas companies could be forgiven for looking forward to the end of 2019.
Shares in UK Oil & Gas plc fell 8% today following a statement on testing its new well at the Horse Hill site near Gatwick Airport.
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.