As noted many times, but most recently in bearcast yesterday, UK Oil & Gas (UKOG) is running on fumes. It quite simply does not have the cash to both cover its (bloated) PLC costs and fulfil its exploration commitments for the rest of calendar 2018. Thus a City source close to the situation tells us that ShoreCap is - as we speak - sounding out investors about a £5 million placing. And it is struggling to find any demand.
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