US Oil & Gas Plc (USOP) has raised additional new capital through a placing of new shares.
The Nevada focused explorer announced that it has sold 40,029 shares to private investors at a placing price of 30p per share, to raise US$ 15,651.
It added that the proceeds will give the company additional working capital as it continues to moves towards new well operations.
The company raised US$527,539 through another placing in December and in November the company said it remains intent on seeking a stock exchange listing but said work on the Eblana-3 well remains the priority.
Last year, oil flowed to the surface from the recently drilled Eblana-3 well in Nevada tested at API 34.5.
This oil is believed to come from zone 5 and possibly zone 4. Heavier oil was encountered from zone 3. The zone 5 estimated pay is 258 feet.
The fracking operations will have an additional funding need, the company noted previously.