UK Oil & Gas Investments PLC Statement re Media Speculation (6353E)
09 May 2017 - 11:43PM
UK Regulatory
TIDMUKOG
RNS Number : 6353E
UK Oil & Gas Investments PLC
09 May 2017
UK Oil & Gas Investments PLC
("UKOG" or the "Company")
Statement re Media Speculation
UKOG notes the recent media speculation regarding a proposed
fundraise and can confirm that the Company is currently meeting
with potential new institutional investors, to fund the Company's
stated growth strategy, with a target of achieving significant
stable oil production by the end of 2018.
The potential funding would be utilised to carry out the
exploration and appraisal drilling plus long flow testing
activities, which is expected to begin by the end of Q2 2017 on
Broadford Bridge.
To fulfil this part of the Company's strategy, this will require
a fundraise of a minimum of GBP6.5 million. At this point, the
pricing has not been finalised with any potential investors, but
the Company expects pricing to be determined using typical market
practices.
To date the Company has received positive feedback from its
roadshow nonetheless there can be no assurance that the proposed
placing will be successful. A further announcement will be made in
due course.
For further information, please contact:
UK Oil & Gas Investments PLC
Stephen Sanderson / Kiran Morzaria Tel: 020 7440 0640
WH Ireland (Nominated Adviser and Broker)
James Joyce / James Bavister Tel: 020 7220 1666
Cenkos Securities PLC (Joint Broker)
Nick Tulloch / Neil McDonald Tel: 0131 220 6939
Square 1 Consulting (Public Relations)
Brian Alexander / David Bick Tel: 020 7929 5599
This information is provided by RNS
The company news service from the London Stock Exchange
END
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