9th Jan 2019 11:56
LONDON (Alliance News) - Anglo African Oil & Gas PLC on Wednesday said it raised GBP6.0 million via a share placing to complete the drilling of its TLP-103C well at its Tilapia field in the Republic of the Congo.
The independent oil & gas developer issued 60 million shares at 10 pence each. Anglo African shares were trading down 6.8% at 10.44 pence each on Wednesday, giving the company a market capitalisation of GBP19 million.
"The money raised in this placing enables us to complete the TLP-103C well, the results from which so far have hopefully repaid shareholders' confidence in the company," Chief Executive Officer David Sefton said.
Anglo African plans to use GBP5.5 million in total for the well, with GBP4.3 million to complete it, GBP900,000 for anticipated operational costs and GBP350,000 in due diligence over potential acquisition opportunities.
On Monday, the company said that wireline logging completed on its TLP-103C well confirmed multiple discoveries.
Anglo African said that the tests confirmed oil columns amounting to an aggregate of 44 metres across the identified field horizons.
The company now expects admission of the shares to trading on AIM Tuesday, following which it will have 237.9 million shares in issue.
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