UK Oil & Gas plc

UKOG is an energy company focused upon oil and gas exploration and production in the UK and international onshore sectors, together with an increasing diversification into gas storage, hydrogen, and geothermal energy space within the UK.
Deal price
0.015p
Discount of 28 %
Last Price 0.021p p

Key information

Key information

Sector

Oil, Gas and Coal

Close date

Delivery

Placing price

Last price

Discount

Amount raised

0.015p

0.021 p

28 %

£500,000

Use of proceeds

The Placing's proceeds will firstly be employed to repay in full the balance of the convertible funding facility with RiverFort Global Opportunities PCC Limited and YA II PN Ltd as per the Company's RNS of 21st June 2024, and as originally announced on 28th June 2023. The remaining funds will be used directly to further the Company's material hydrogen storage projects by enabling the completion of necessary internal and external technical studies and reports required as part of an application for government Revenue Support in a first allocation round, currently scheduled to commence in Q3 2024 and complete by year end (see RNS 29th May and 27th June 2024). The funds will also permit the Company to fully prepare and engage with further prospective strategic partners to seek, as a minimum, Letters of Support (" LOS") along the lines of those recently furnished by Sumitomo and SGN, such LOS being a necessary requirement for any successful allocation award (see RNS 29th May and 27th June 2024).

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