London-listed United Oil & Gas (UOG) has raised £3 million ($3.94 M) via an oversubscribed placing of shares and subscription with existing and new investors. The company plans to use the funds for portfolio expansion.
United has a portfolio of “low risk, late-stage” appraisal/development projects in Europe and what it describes as high-impact exploration plays in the Caribbean, Latin America, and Africa.
The company added that the placing was supported by certain strategic investors. UOG is currently evaluating a number of potential projects, and the funds will assist in securing one or more of these projects.
UOG CEO, Brian Larkin, said: “This is further validation of our strategy of building a strong and diverse portfolio of late-stage development projects in Europe, and high-impact exploration in the Caribbean.
“Our portfolio already includes a commercial gas discovery onshore Italy that is currently going through the permitting process, an interest in the upcoming well to appraise the Colter discovery in the UK which lies on the same trend as onshore Europe’s most prolific oil field, and a 20% interest in the Tullow Oil-operated Walton-Morant licence, offshore Jamaica which holds the high grade 200 mmbbl Colibri target.
Larkin said the funds “will be used to facilitate the expansion of our portfolio, as we look to add to the long pipeline of value driving opportunities which our shareholders are already exposed to.”