with an Initial Tranche of £2M and Committed Tranches of £1M in Aggregate.
LONDON–(BUSINESS WIRE)–#AIM–The funds will fully fund working capital necessary to progress the Company’s key planned activities over the next 12 months, which include:
- Turkey: further testing of Pinarova-1 and further drilling preparations/studies
- Loxley gas discovery: discharge of planning conditions and preparations for site construction, plus a potential farmout to cover the planned appraisal and development programme,
- Horse Hill field: water reinjection work-over, preparations for 3D seismic acquisition and drilling Horse Hill-3 under the previously announced farmout to Pennpetro
- Portland hydrogen storage (UKEn): Planning application work and conceptual engineering studies.
UKOG is an energy company focused upon oil and gas exploration and production in the UK and international onshore sectors, together with an increasing diversification into gas storage, hydrogen, and geothermal energy space within the UK. The Company aims to build a sustainable oil and gas production base that can act as a springboard to further worldwide petroleum opportunities and to build its UK gas storage, hydrogen and geothermal energy businesses that support UK energy security and the transition to net zero.
Stephen Sanderson UKOG’s Chief Executive commented:
“The facility provides the company with working capital at competitive terms to fully fund its planned key UK and Turkey activities over the coming year. The discharge/conversion terms are attractive in that they will be either at zero discount to the lowest daily VWAP in the 15-days prior to conversion, or at a premium of 35% to the Reference Price of the relevant drawdown, whichever is lower. This is in contrast to the likely heavy discount to the Company’s share price associated with a more traditional share placing in today’s financial climate. We look forward to working with the Investors, both of whom UKOG has transacted with successfully in the past.”
For the Company’s announcement, click here: £3 million funding facility – 07:00:03 28 Jun 2023 – UKOG News article | London Stock Exchange
About RiverFort:
At RiverFort, we develop and structure medium-long-term capital and investment solutions for publicly listed companies to accelerate sustainable growth. Having funded over 150 companies and had over £1.5 billion in funded transactions, we are an international business operating from offices in London, Australia, and Gibraltar along with a strong presence in Europe and Canada. RiverFort has a multisector and global orientation and pride ourselves in creating mutually beneficial partnerships between our alternative funding sources, including family office co-investors, and investee companies we believe in.
Authorised and regulated by the Financial Conduct Authority (Reg No: 766760)
If you are interested in expanding the sources of capital available to you, contact our UK Investment Manager, Liam Bulmer (liam.bulmer@riverfortcapital.com) to find out more.
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