Business
£10M Financing and BB-1z Optimised Flow Testing
£10M Financing and BB-1z Optimised Flow Testing.
About this update from Uk Oil & Gas Plc
[{"type":"text","content":"\n \nRNS Number : 5123W UK Oil & Gas Investments PLC 15 November 2017 \n\nUK Oil & Gas Investments PLC\n (\"UKOG\" or the \"Company\") \n \n£10 Million Financing and Commencement of BB-1z Optimised Flow Testing\n \nHighlights:\n· Further £10 million cash funding secured, giving a total of £16.5 MM raised to-date in 2017\n· Company now fully funded to deliver planned drilling and testing programme through 2018 \n· Optimised sequential flow testing of up to 9 zones underway at Broadford Bridge-1z (\"BB-1z\") \n· Further gas flared from two short tests in Kimmeridge Limestone 1 (\"KL1\"), KL2 limestone and primary objective limestone horizons KL3, KL4 and KL5 to be tested shortly.\n \nFinancing:\n \nUK Oil & Gas Investments PLC (London AIM: UKOG) is pleased to announce that it has today entered into a £10 million loan agreement (\"Loan\") with Cuart Investments PCC Ltd and YA II PN Ltd (\"Investors\"), an investment consortium arranged by Riverfort Global Capital Ltd. A first tranche of £7.5 million has been drawn down by the Company, with a second tranche of £2.5 million due to be drawn down on 31 December 2017. The first and second tranches are repayable on 13 November 2019 and 31 December 2019, respectively.\n \nThe Loan attracts 0% interest and may, at the sole discretion of the Investors, be converted into new ordinary shares in the Company. The conversion price is the lower of either a share price of 8 pence, or 90% of the Company's lowest daily volume weighted average price (\"VWAP\") during the five days prior to the conversion date. The Loan is convertible in tranches of not less than £250,000, with a limit of £3 million per quarter, unless otherwise agreed by the Company.\n \nThe Loan includes a provision that,...