UK Oil and Gas raises a further £2m via placing

UK Oil and Gas Investments has raised £2m on the back of a 100m share placing on Wednesday.

UKOG's placing price of 2p per share represented an approximate 5% discount to its closing price on 3 July.

The proceeds of UKOG's fundraiser, which came hot on the heels of a £10.5m investment secured by the firm to deliver sufficient working capital for its core projects over the next 18 months, was intended for opportunistic investment to help deliver the company's goal of consolidating and expanding its asset base in the Weald Basin.

The new ordinary shares were anticipated to be admitted to AIM on or around 10 July, taking the firm's total number of shares in issue to 5.2bn.

As of 0920 BST, UKOG shares had gained 4.76% to 2.20p.