13th Jun 2018 11:27
LONDON (Alliance News) - Upland Resources Ltd on Wednesday said it raised GBP3.0 million before expenses to spud the Wick well located in Scotland in the third quarter of 2018.
The oil & gas company placed 120.0 million shares at 2.50 pence each. The stock was trading 12% higher on the day Wednesday at 2.80p per share. The placing was oversubscribed.
The company plans to use funds, combined with existing cash resource, to spud the Wick well. The remaining proceeds will go towards potential new ventures in Sarawak, Malaysia, and North Africa and on the ongoing costs of running the business.
"2018 will be a very exciting time for Upland with the spudding of the high impact Wick well on the UKCS later this year," said Chief Executive Stephen Staley. "I also expect continued good progress on new opportunities in Sarawak and North Africa."
Several directors participated in the placing, with Staley purchasing 800,000 shares, worth GBP20,000. Non-Executive Director Bolhassan Bin Haji Di bought 4.0 million shares, totalling GBP100,000, while Non-Executive Director Jeremy King acquired 330,770 shares valued at GBP8,159.
"I would like to thank new and existing shareholders for their support in backing the business and I look forward to updating the market as to our progress as we execute on our strategy of building a geographically diversified oil and gas business," added Staley.
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