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Breaking: UK Oil & Gas slashes £6 million placing price to 0.8p - Source

By Tom Winnifrith | Monday 15 May 2017

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

Even in the Snakefields of Greece I keep on breaking news! On 9th May I revealed that UK Oil & Gas (UKOG) was endeavouring to raise £6 million at 1p - with the shares then trading at 1.2p bid. That forced an angry admission from the company that it was all true. Another scalp and fine piece of investigative journalism saw the shares then tumble to 1p. For long suffering holders and believers in Horse Hill, I have more bad news.

My City source tells me that in a desperate attempt to get this placing away UK Oil & Gas and its pompous boss "little Steve" Sanderson has now been forced to slash the offer price to just 0.8p. For those buying into the pre-raise ramp at up to 1.25p less than a week ago that will be one hell of a one week rogering.

With the shares at 0.9-1p there is clearly no need to buy in the market. Indeed if you are a holder you might as well offload your confetti now and call Lagos Securities on 0131 220 6939 and ask for Nick Tulloch offering to help out at 0.8p as the broker is clearly struggling to get the offer away even at this level.

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