Statement re Media Speculation

RNS Number : 6353E

UK Oil & Gas Investments PLC

09 May 2017

 

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: [phone]

WH Ireland (Nominated Adviser and Broker)

James Joyce / James Bavister                                                                     Tel: [phone]

Cenkos Securities PLC (Joint Broker)

Nick Tulloch / Neil McDonald                                                                     Tel: [phone]

Square 1 Consulting (Public Relations)

Brian Alexander / David Bick                                                                      Tel: [phone]

 

END

 

 

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