28th Jul 2021 14:26
UK Oil & Gas PLC - onshore exploration and production in UK and Turkey - Raises GBP462,554 from open offer of new shares to shareholders at 0.18 pence. On announcing the offer of 1 new share for every 5 already held, UK Oil & Gas noted the offer would raise up to GBP4.7 million gross if fully taken up. The open offer funds are in addition to GBP5.0 million raised in a share placing at the same price at the start of July. The cash will be put towards drilling, completion and testing costs at the Basur-3 appraisal well in Turkey. UK Oil & Gas holds a 50% interest in Basur-3, for which drilling started in late June, with a seismic programme designed to delineate the Basur-Resan discovery planned to start following the well's completion.
Current stock price: 0.17p
Year-to-date change: up 15%
By Tom Waite; [email protected]
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