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About this update from Prospex Energy Plc
[{"type":"text","content":"\n \nRNS Number : 3395Z Prospex Oil and Gas PLC 26 May 2016 \n\nProspex Oil and Gas plc\n \n(\"Prospex\" or the \"Company\")\n \nPlacing\n \nThe Company is pleased to announce that it has successfully completed, subject only to admission, a placing to raise approximately £1.64 million from the issue of 164,600,000 new ordinary shares of 1p each (\"New Ordinary Shares\") at a price of 1p per share (the \"Placing\"), through WH Ireland Limited, Beaufort Securities Limited and Peterhouse Corporate Finance Limited. Application has been made for the New Ordinary Shares to be admitted to trading on AIM and dealings are expected to commence on 10 June 2016. \n \n \nThe funds raised from the Placing will be used to: :\n \n· Support the 2016 activities of Hutton Poland Limited (as set out below);\n· Repay the loan from Hutton Energy Limited (as announced on 8 April 2016); and\n· For general working capital purposes.\n \nHutton Poland Limited (\"Hutton Poland\")\nPart of the Placing monies will be utilised by Prospex to fund its proportional (49%) share of the 2016 provisional exploration budget of Hutton Poland. Prospex has been advised by the directors of Hutton Poland that with funding available from its shareholders they will move to drill a well on the Boleslaw Prospect. The well is targeting Gross Best Estimate Technical Un-risked Prospective Resources of 87.1 Bscf as set out in the Competent Persons Report commissioned by Prospex, the details of which were announced earlier today. .\n \nProspex has also been advised by the directors of Hutton Poland that they intend to target a well spud date in the fourth quarter of 2016, although timing is subject to a number of factors including environmental permitting and confirmation of a suitable rig and there can be no guarantee at this stage that this will occur.\n \nFurther announcements will be made in due course.\n \n \nBill Smith, Prospex non-executive Chairman, commented:\n \n\"We thank new and existing shareholders for their support in the Placing and look forward to the well being drilled. We believe the investment in Hutton Poland has superb potential; a successful well would release great value as highlighted in the AGR T...