5th Jul 2021 11:36
(Alliance News) - UK Oil & Gas PLC on Monday said it has raised GBP5.0 million through a placing, which will go towards funding the drilling, completion and testing costs at the Basur-3 appraisal well in Turkey.
The oil & gas explorer issued 2.76 billion shares at a price of 0.18 pence per share, which reflects a 25% discount to its closing price on Friday at 0.24p.
Shares in UK Oil & Gas were 23% lower at 0.19 pence on Monday in London.
The company currently 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.
So far, UK Oil & Gas has used its existing funds and UK production income to fund the drilling costs.
In addition, the company is planning to undertake an open offer, allowing existing shareholder to subscribe for further shares. The open offer will look to raise up to GBP5 million.
Following the placing, UK Oil & Gas now has 15.98 billion shares issued overall.
By Dayo Laniyan; [email protected]
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