transitional period ?5 Jul 2018 12:44
UKOG has suffered some setbacks, but management isn’t giving up just yet. One of the most significant issues the company currently faces is its level of cash burn. Drilling for oil and gas isn’t cheap, and the business has been relying on the kindness of investors to keep the lights on while it tries to develop the Horse Hill prospect.
However, I believe that the latest flurry of deals over the past 30 days has put the business in an extremely advantageous position. UKOG has now raised £12.5m since the beginning of June, enough cash to see it into 2019. By this point, we should have more clarity on the firm’s production prospects (will continue) ..