Business
Placing, Admission to Aim and First Day Of Dealing
Placing, Admission to Aim and First Day Of Dealing.
About this update from Clontarf Energy Plc
[{"type":"text","content":"\n \nRNS Number : 3740E Clontarf Energy PLC 06 April 2011 \n\n6th April 2011 \nClontarf Energy Plc\nv Placing, Admission to Aim and First Day Of Dealings\nv Fundraising of £2.7 Million\nv Peruvian licence blocks signing after Easter\nv El Dorado gas project growing\nClontarf Energy plc (\"Clontarf\" or \"the Company\") (TIDM: CLON), the international oil and gas explorer, developer and producer, is pleased to announce its re-admission to the AIM market of the London Stock Exchange (\"Admission\") and the first day of dealings in its ordinary shares.\nClontarf has also completed the acquisition of Hydrocarbon Exploration plc, with both sets of shareholders voting strongly in favour.\nThe Company has raised £2.7 million through a placing of 41,688,171 new ordinary shares (the \"Placing\") and a subscription for 3,775,500 new ordinary shares (the \"Subscription\") together representing 22.9% of the enlarged share capital of the Company at Admission. The market capitalisation of the Company at the Placing price of £0.06 per Ordinary Share is £11.9 million.\nWhile awaiting the conclusion of the acquisition the operations of both companies continued. On the Ghana Tano 2A onshore/offshore exploration licence, Clontarf staff have reprocessed all existing geological, seismic and drill log data and have identified 8 possible targets and leads. We await state ratification of the agreement on the license.\nIn Peru the official signing ceremony for the award of the two onshore oil exploration blocks is expected to take place after Easter. Preliminary reprocessing of existing data is underway.\nIn Bolivia, the El Dorado gas project continues to grow in importance. Production from existing wells is growing. New wells are planned for late 2011. Significantly, the project has been awarded the rights to obtain the Bolivian export price of $5.50 per 1 million British Thermal Units (BTU). Clontarf is paying $600K to copper fasten a 10% interest in this project. The operator and ...