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UK Oil & Gas PLC shares dropped on Monday following a £3.0 million share placing to help fund its Phase 2 Turkey seismic programme.
UK Oil & Gas is a London-based exploration and production company focused on the UK and Turkey.
The company said it has raised £3.0 million via a placing of 3.43 billion shares at a price of 0.0875 pence each. This represents a 20% discount to the closing price of 0.1098p per share on Friday, being the last business day before the announcement.
The stock was down 18% to 0.090 pence each in London early Monday.
WH Ireland Ltd acted as sole bookrunner in connection with the placing.
UK Oil & Gas said that the placing will provide general working capital and help deliver its near term goals of completing its Phase 2 Turkey seismic programme and the subsequent drilling of a new appraisal well in the Basur oil discovery. It expects this will add near-term oil production in the first half of 2023.
UK Oil & Gas also said it has appointed Guzyal Mukhametzhanova as its new chief financial officer.
Mukhametzhanova will replace Matt Gormley who is leaving the company for a ‘new position’.
Gormley joined UK Oil & Gas as CFO in November 2021.
The company said that Mukhametzhanova has over 20 years of experience in the natural resources and energy space. She started her career within KPMG International Ltd's Energy and Natural Resources practice before joining JKX Oil and Gas Ltd as group financial controller and then later finance director.
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