Last checked at 9 May 2017 14:43
UK Oil & Gas Investments PLC
("UKOG" or the "Company")
Statement re Media Speculation
UKOG notes the recent media speculation regarding a proposed fundraise and can confirm that the Company is currently meeting with potential new institutional investors, to fund the Company's stated growth strategy, with a target of achieving significant stable oil production by the end of 2018.
The potential funding would be utilised to carry out the exploration and appraisal drilling plus long flow testing activities, which is expected to begin by the end of Q2 2017 on Broadford Bridge.
To fulfil this part of the Company's strategy, this will require a fundraise of a minimum of £6.5 million. At this point, the pricing has not been finalised with any potential investors, but the Company expects pricing to be determined using typical market practices.
To date the Company has received positive feedback from its roadshow nonetheless there can be no assurance that the proposed placing will be successful. A further announcement will be made in due course.
For further information, please contact:
UK Oil & Gas Investments PLC
Stephen Sanderson / Kiran Morzaria Tel: 020 7440 0640
WH Ireland (Nominated Adviser and Broker)
James Joyce / James Bavister Tel: 020 7220 1666
Cenkos Securities PLC (Joint Broker)
Nick Tulloch / Neil McDonald Tel: 0131 220 6939
Square 1 Consulting (Public Relations)
Brian Alexander / David Bick Tel: 020 7929 5599