UK Oil & Gas raises £3m, appoints new CFO

The AIM-traded firm said it raised the money through a placing of new shares at a price of 0.0875p each, representing a discount of around 20.3% to the closing price of 0.1098p per share on 9 September.

It said the placing raised £3m before expenses through the issue of 3,428,571,425 shares, representing 16.25% of the enlarged issued share capital.

“The placing has been undertaken to provide the company with a source of general working capital and to help deliver the company's previously stated near term goals of completing the phase two Turkey seismic programme and the subsequent drilling of a new appraisal well in the Basur oil discovery, anticipated to be able to add near-term oil production to the company in the first half of 2023,” the board said in its statement.

UK Oil & Gas also announced the appointment of Guzyal Mukhametzhanova as its CFO, replacing Matt Gormley, who was leaving the company for a new position.

The board said Mukhametzhanova started her career within KPMG's energy and natural resources practice, before joining JKX Oil and Gas as group financial controller and then finance director.

“Guzyal has 20 years of experience in the natural resources and energy space and is a member of the Association of Chartered Certified Accountants.

“She graduated from the London Business School and holds an MSc in finance,” the directors added.

“Guzyal's role of CFO at UKOG is a non-board position.”

At 1619 BST, shares in UK Oil & Gas were down 19.67% at 0.09p.

Reporting by Josh White at Sharecast.com.