28th May 2014 15:59
LONDON (Alliance News) - UK Oil & Gas Investments PLC Wednesday said it has raised GBP700,000 through the issue of 233.3 million shares at a placing price of 0.30 pence per share to institutional and other investors.
The company said admission of the shares is expected to occur on June 4 and the money would be used to proceed the company's investment strategy and to assess further conventional onshore oil and gas opportunities in the UK.
The news comes after the company announced in March that it has agreed to exclusively partner with Angus Energy Ltd in the upcoming round of UK oil and gas license auctioning.
The company said at the time that the deal is to partner exclusively on a 50:50 basis on sites picked up in the upcoming UK Department for Energy and Climate Change proposed 14th onshore oil and gas bid round, expected in the second quarter.
UK Oil & Gas Investments shares were down 5.9% to 0.4 pence on Wednesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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