Business
Placing to Raise £800k & Joint Broker Appointment
Placing to Raise £800k & Joint Broker Appointment.
About this update from Prospex Energy Plc
[{"type":"text","content":"\n \nRNS Number : 5241S Prospex Oil and Gas PLC 12 March 2019 \n\n \nProspex Oil and Gas Plc / Index: AIM / Epic: PXOG / Sector: Oil and Gas\n12 March 2019\nProspex Oil and Gas Plc ('Prospex' or the 'Company') \nPlacing to Raise £800,000 and Appointment of Joint Broker\n \nProspex Oil and Gas Plc, the AIM quoted investment company, is pleased to announce that it has raised £800,000 gross via an oversubscribed placing of 400,000,000 new ordinary shares of £0.001 each in the Company (\"Ordinary Shares\") (the \"Placing Shares\") at a price of 0.2 pence per Placing Share (the \"Placing Price\") (the \"Placing\"). The Placing was undertaken with new and existing investors.\n \nThe net proceeds of the Placing will help fund the Company's share of the 2019 work programme at the Suceava Concession ('Suceava') in North East Romania. Following the Enlargement of Suceava, as announced separately today, the partners plan to drill the Bainet West prospect ('Bainet West') subject to customary permitting. Bainet West is a lookalike prospect to the Bainet discovery which was successfully drilled in 2017 and is currently on production. \n \nBainet West is well defined on seismic with similar seismic attributes to the Bainet gas field, lying at a comparable depth and is similarly positioned in relation to a fault. If a future discovery was made at Bainet West it would be likely put on production in a congruent fashion to Bainet. Assuming corresponding gross costs of €800,000 (€400,000 net to Prospex) to complete Bainet-1 as a production well, the funds raised today will more than cover Prospex's share of costs. Prospex's wholly-owned subsidiary PXOG Massey Limited holds a 50% non-operated interest in the now enlarged 984 sq km concession. Bainet West is one of several low cost / low risk exploration and development opportunities that have been identified at Suceava. \n \nProspex Non-executive Chairman, Bill Smith, said, \"We are pleased to have raised these funds for new drilling activity in Romania and thank all existing stakeholders and new investors for their support. Having participated in two successful wells in Romania and Italy in the last 18 months, we are keen to participate in drilling activity again and Bainet West represents an excellent opportunity for th...