UK Oil & Gas confirms it is considering raising funds

UK Oil & Gas responded to media speculation on Friday, confirming that is it considering raising funds.

"The company is progressing discussions and should any arrangement be finalised a further announcement will be made," it said.

UKOG said terms including amount and pricing are to be agreed and there can be no certainty that a transaction will be finalised.

At 1350 BST, the shares were down 16% to 1.05p.