International legal business DWF has advised leading securities firm Cenkos Securities plc (Cenkos) in their capacity as a broker to UK Oil & Gas Investments plc (UKOG), a dynamic and innovative British oil and gas company listed on AIM on a secondary fundraise of £6.5million effected via placing of new shares.
UKOG is the largest holder of oil exploration licences in the South East of England where significant oil discoveries have been found over the years, most famously the so-called 'Gatwick gusher'. The fundraise, described by UKOG's chairman Stephen Sanderson as "truly transformational for the company", will enable it to commence the commercialised drilling and exploitation for oil.
DWF's North East corporate team acted on the deal, led by partner Jeremy Swift with support from senior associate Jemil Visram.
Jeremy Swift, DWF corporate partner, said: "Given our depth of experience in the public markets and strong energy sector expertise, we were able to work closely with Cenkos to ensure that the fundraise completed on schedule. Placings can offer an ideal opportunity to significantly enhance a business and enable growth into new markets or increase market share of an existing industry so I would welcome discussion with any companies wishing to raise finance as the public markets are well and truly open for business. We look forward to working with Cenkos on similar deals in the future."
Nick Tulloch and Neil McDonald led the deal from Cenkos Securities' corporate finance team.
Nick Tulloch, Cenkos, said: "We enjoyed working with the team at DWF. Jeremy and Jemil provided clear and commercial advice in a timely manner, which ensured that UKOG was able to raise the necessary funds to develop its leading position in the South East of England, which is forecast to be a major oil source in the years ahead."