June 28, 2023 – RiverFort is pleased to announce that it has arranged a funding facility with UK Oil & Gas PLC (London AIM: UKOG) (“the Company”) with an initial tranche of £2m and committed tranches of £1m in aggregate.
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.
About UKOG:
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."
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