26th May 2016 09:51
LONDON (Alliance News) - UK Oil & Gas Investments PLC on Thursday said it has raised GBP4.0 million through a share placing to back work in the UK's Weald Basin.
The firm said it will issue 266.7 million shares at 1.5 pence per share to funds managed by an unnamed institutional fund manager. UK Oil & Gas Investments shares were down 9.9% to 1.71p Thursday.
The company said the funds will back ongoing work on its assets in the Weald Basin along with potential new investments in the same area and other onshore oil opportunities in the south of England.
By Sam Unsted; [email protected]; @SamUAtAlliance
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