RNS out2 Oct 2020 12:46
UK Oil & Gas PLC
("UKOG" or the "Company")
Funding of initial Turkey operations costs achieved via £2.2 million placing
UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce that further to the 23 July 2020 announcement of its agreement to take a 50% interest in the Turkish Resan oil appraisal and exploration project, it has successfully raised £2.2 million to fund its share of initial drilling and seismic costs through a placing ("Placing") of 1,374,999,993 new ordinary shares ("Placing Shares").
The Placing's issue price of 0.16 pence per share ("Placing Price"), represents approximately a 15.8% discount to the closing price of the Company's ordinary shares on 01 October, the business day prior to the placing's close.