Business
Placing to Raise £650,000
Placing to Raise £650,000.
About this update from Prospex Energy Plc
[{"type":"text","content":"\n \nRNS Number : 1720Q Prospex Oil and Gas PLC 08 September 2017 \n\nProspex Oil and Gas Plc / Index: AIM / Epic: PXOG / Sector: Oil and Gas\n8 September 2017\nProspex Oil and Gas Plc \n('Prospex' or the 'Company') \nPlacing to Raise £650,000\n \nProspex Oil and Gas Plc, the AIM quoted investment company, is pleased to announce that it has raised £650,000 gross via an oversubscribed placing of 185,714,300 ordinary shares of £0.001 each (the \"New Ordinary Shares\") at a price of 0.35 pence per New Ordinary Share (the \"Placing Price\") (the \"Placing\"). The Placing Price represents a zero per cent. discount to the mid-market closing price of the Company's Ordinary Shares on 7 September 2017.\n \nThe net proceeds of the Placing will help fund the Company's share of the 2017 work programme at the Suceava Concession ('Suceava') in North East Romania. This includes the drilling of the Bainet Prospect ('Bainet'), a shallow, gas target mapped on 3D seismic that has been assigned internal gross prospective resources of approximately 1.5bcf recoverable. Bainet is one of several low cost / low risk exploration and development opportunities that have been identified at Suceava. In addition, the funds will go towards the ongoing evaluation of a number of potential projects, in line with the Company's strategy to build a portfolio of investments in the European oil and gas sector, as well as general working capital purposes. \n \nProspex Non-executive Chairman, Bill Smith, said, \"To have raised these funds at no discount to the market price is, in our view, a reflection of the quality of the Suceava asset; the defined low cost programme that is in place to rapidly generate production; and also management's strategy to use Suceava as a cash generative platform with which to build a significant presence in a proven hydrocarbon region. With drilling operations at Bainet due to commence shortly, this is an exciting period for Prospex and I look forward to providing further updates on our progress.\"\n \nAdmission to Trading on AIM \nThe New Ordinary Shares will rank pari passu with the existing Ordinary Shares. Application will be made for the New Ordinary Shares to be admitted to trading on AIM (\"Admission\") and Admission is ...