Proceeds earmarked for drilling at West Firsby and Barchiz-1 well
By Devika Patel
Knoxville, Tenn., Oct. 14 - Europa Oil & Gas (Holdings) plc said it completed a private placement of shares.
The company raised £1.54 million by selling 13,360,810 ordinary shares at 11.5p each, a 12.81% discount to the Oct. 13 closing share price of 13.19p.
Proceeds will be used to bridge the shortfall between oil revenue and capital expenditure to allow for further drilling at West Firsby and at the Barchiz-1 well. They will also be used to fund ongoing working capital requirements for the company's other prospects.
"We are pleased that the funds raised from the placing will allow us to push ahead on two fronts: the testing of our oil exploration prospects in Romania and the development of recently identified incremental reserves at West Firsby, both of which are expected to enhance shareholder value," managing director Paul Barrett said in a press release.
Based in London, Europa is an oil and gas exploration, development and production company.
| Issuer: | Europa Oil & Gas (Holdings) plc
|
| Issue: | Ordinary shares
|
| Amount: | £1,536,493
|
| Shares: | 13,360,810
|
| Price: | 11.5p
|
| Warrants: | No
|
| Broker: | Astaire Securities plc
|
| Pricing date: | Oct. 14
|
| Stock symbol: | London: EOG
|
| Stock price: | 12.1p at close Oct. 14
|
| Market capitalization: | £10.89 million
|
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