Business
Placing to Raise £1.2 million
Placing to Raise £1.2 million.
About this update from Prospex Energy Plc
[{"type":"text","content":"\n \nRNS Number : 2569B Prospex Oil and Gas PLC 08 January 2018 \n\nProspex Oil and Gas Plc / Index: AIM / Epic: PXOG / Sector: Oil and Gas\n8 January 2018\nProspex Oil and Gas Plc \n('Prospex' or the 'Company') \nPlacing to Raise £1.2 million\n \nProspex Oil and Gas Plc, the AIM quoted investment company, is pleased to announce that it has raised £1,200,000 gross via an oversubscribed placing of 200,000,000 ordinary shares of £0.001 each (the \"New Ordinary Shares\") at a price of 0.6 pence per New Ordinary Share (the \"Placing Price\") (the \"Placing\"). \n \nThe net proceeds of the Placing ensure Prospex is fully funded for its basic 2018 work programmes across its portfolio of investments in late stage European onshore oil and gas projects. 2018 will include flow testing of the Podere Maiar well in the Po Valley region of Italy in Q1 2018; the likely commencement of production at the Bainet gas discovery on the Suceava concession in Romania in Q2 2018; and work to further delineate a gas discovery at the Tesorillo Project in southern Spain which has been independently assigned unrisked prospective resources of 830 Bcf (Best Estimate), with upside in excess of 2 Tcf.\n \nProspex Non-executive Chairman, Bill Smith, said, \"The funds raised today enable us to build on the success we enjoyed in 2017. This saw us acquire material interests in three European onshore projects, participate in the drilling of three wells, and by the end of the year make two gas discoveries. From the outset, our objective has been to consistently provide our shareholders with exposure to multiple value trigger events. With flow testing of our gas discovery in Italy expected to commence shortly, followed by first gas production from the Bainet discovery in Romania, H1 2018 will not be short of high impact newsflow. In tandem with this, we are actively working to add to our portfolio and, where we can, accelerate the exploitation of additional opportunities identified within our existing investments. The year ahead promises to be an exciting one for Prospex. I look forward to providing updates on our progress, as we look to maintain the strong momentum behind the Company.\" \n \nAdmission to Trading on AIM \nThe New Ordinary Sha...