RE: Ame28 Sep 2022 07:46
HH1AN2
And exactly how much have UKOG raised for such a cheap project so far? Must be over £7m and could well be up to £10m for something that was supposed to cost a maximum of $5m. Wells in Turkey are currently being drilled for about £400k.
UKOG are definitely getting ripped off imo.
12 Sep 2022
The Placing raised £3.0m
The placing has been undertaken to provide the Company with a source of general working capital and to help deliver the Company's previously stated near term goals of completing the Phase 2 Turkey seismic programme and the subsequent drilling of a new appraisal well in the Basur oil discovery, anticipated to be able to add near-term oil production to the Company in H1 2023.
27 Jul 2021
The aggregate amount raised pursuant to the Open Offer was £462,554.
5th Jul 2021
raised approximately £5.0 million to fund its remaining share of the Turkey Basur-3 appraisal well's drilling, completion and testing costs and planned 2D seismic acquisition costs
2nd Oct 2020
successfully raised £2.2 million to fund its share of initial drilling and seismic costs
23rd Jul 2020
Transaction structure
To earn its 50% interest in the Licence, the Company has agreed to fund 100% of the first of 5 commitment wells in the Licence's 5-year exploration term, together with a small 2D seismic survey with an expected cost of $1-$1.5 million. UKOG's net expenditure for the one well plus seismic programme is capped at USD$5 million maximum expenditure. Thereafter, the Company will fund its 50% interest share expected to be c. $1.5 million per well.
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