UK Oil & Gasoline PLC shares dropped on Monday following a £3.0 million share inserting to assist fund its Section 2 Turkey seismic programme.
UK Oil & Gasoline is a London-based exploration and manufacturing firm targeted on the UK and Turkey.
The corporate stated it has raised £3.0 million by way of a inserting of three.43 billion shares at a worth of 0.0875 pence every. This represents a 20% low cost to the closing worth of 0.1098p per share on Friday, being the final enterprise day earlier than the announcement.
The inventory was down 18% to 0.090 pence every in London early Monday.
WH Eire Ltd acted as sole bookrunner in reference to the inserting.
UK Oil & Gasoline stated that the inserting will present normal working capital and assist ship its close to time period targets of finishing its Section 2 Turkey seismic programme and the following drilling of a brand new appraisal properly within the Basur oil discovery. It expects it will add near-term oil manufacturing within the first half of 2023.
UK Oil & Gasoline additionally stated it has appointed Guzyal Mukhametzhanova as its new chief monetary officer.
Mukhametzhanova will exchange Matt Gormley who’s leaving the corporate for a ‘new place’.
Gormley joined UK Oil & Gasoline as CFO in November 2021.
The corporate stated that Mukhametzhanova has over 20 years of expertise within the pure sources and vitality area. She began her profession inside KPMG Worldwide Ltd’s Vitality and Pure Sources apply earlier than becoming a member of JKX Oil and Gasoline Ltd as group monetary controller after which later finance director.
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