RE: Going nowhere11 Apr 2019 08:17
Use of funds
As previously reported, prior to this Placing, UKOG and its Group Companies held sufficient cash to fund its share of the forthcoming Horse Hill-1z and Horse Hill-2 horizontal drilling programme plus ongoing regulatory permit and subsurface work on its other key assets. Consequently, the Placing's proceeds will be utilised in the assessment and acquisition of new opportunities, both in the UK onshore and elsewhere. This is in full accordance with the strategy and plans detailed in the Company's latest annual report announced on 15 March 2019.