Business
Issue of Equity & Notice of General Meeting
Issue of Equity & Notice of General Meeting.
About this update from Europa Oil & Gas (holdings) Plc
[{"type":"text","content":"\n \nNOT FOR RELEASE, PUBLICATION, OR DISTRIBUTION IN OR INTO THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, THE REPUBLIC OF SOUTH AFRICA OR JAPAN\n\nEuropa Oil & Gas (Holdings) plc / Index: AIM / Epic: EOG / Sector: Oil & Gas\n\n24 May 2017\n\nEuropa Oil & Gas (Holdings) plc (‘Europa’ or ‘the Company’)\n\nFirm Placing, Conditional Placing and Open Offer\n\nand\n\nNotice of General Meeting\n\nEuropa Oil & Gas (Holdings) plc, the AIM traded UK and Ireland focused oil and gas exploration, development and production company, is pleased to announce that it has conditionally raised total gross proceeds of £2.1 million by the placing of 23,999,993 New Ordinary Shares pursuant to the Firm Placing and 11,000,007 New Ordinary Shares pursuant to the Conditional Placing, each at an issue price of 6 pence per New Ordinary Share. Furthermore, it proposes to raise up to a further £1.5 million by the issue of up to a further 24,488,801 New Ordinary Shares pursuant to an Open Offer to Qualifying Shareholders, also at an issue price of 6 pence per New Ordinary Share.\n\nHighlights:\n\n\nFirm Placing and Conditional Placing to new and existing institutional and other investors to raise gross proceeds of £2.1 million\n\nOpen Offer to Qualifying Shareholders to raise gross proceeds of up to a further £1.5 million\n\nDirectors have undertaken to make applications to subscribe, in aggregate, for at least 1,370,000 Open Offer Shares representing a participation of at least £82,200\n\nThe Firm Placing and Conditional Placing are being undertaken to provide the requisite financing to accelerate Europa’s near-term work programme across its industry leading position offshore Atlantic Ireland, including: \n\n\nPre-Stack Depth Migration processing of 3D seismic over LO 16/2 which has estimated gross mean un-risked Prospective Resources of 553 mmboe across two new pre-rift prospects – interpretation work to take the identified prospects to drillable status; conversion to FEL planned to follow\n\nPre-Stack Depth Migration processing of 3D seismic over FEL 2/13, which has identified combined gross mean un-risked indicative and prospective resources for FEL 2/13 of 1.12 billion boe across nine oil prospects – interpretation work to take the identified prospects to drillable status and complete a CPR\n\nAcquiring existing 3D ...