UK O&G raises £6.5m in placing at 0.8p/share

UK Oil & Gas Investments has raised gross proceeds of £6.5m via the placing of 812.5m new shares in the company at 0.8p each, largely with institutional funds.

Net proceeds would be used to supplement the company's existing cash balances and to fund UKOG's near-term growth strategy to further develop its leading position in the Kimmeridge Limestone oil play and five conventional oil and gas discoveries in the Weald.