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LONDON (Alliance News) - UK Oil & Gas Investments on Friday announced it has raised GBP5.5 million in a share placing while also applying for a planning extension in West Sussex.
UKOG placed 611.1 million new shares at a price of 0.9 pence each, a 12% discount to its closing price on Wednesday.
Shares were trading at 1.19p on Friday, down 21%, but had reached 1.58p Thursday after the UK Oil & Gas Authority approved an extended flow test programme at Horse Hill in the Weald basin.
The funds will be used to fund its portion of the Horse Hill-2 well and to held prepare the regulatory applications to covert Horse Hill into production.
Further, it will use the money to go towards two new exploration wells at its Broadford Bridge PEDL234 licence, also in Sussex, and to also drill and appraise its Arreton oil discovery on the Isle of Wight.
UKOG also said Friday it has applied to West Sussex County Council to extend planning permission at Broadford Bridge for a further 18 months to the end of March 2020.
Executive Chairman Stephen Sanderson said: "The extension, if granted, will provide time to incorporate the learnings from future planned Kimmeridge operations at Horse Hill and PEDL234 into the design and objectives of a possible new BB-1y sidetrack and test programme."