29th Apr 2016 08:05
LONDON (Alliance News) - Eland Oil & Gas PLC said Friday it plans to raise around USD15 million in a placing at around 34 pence per share, which it will use to fund the re-entry, completion and production of the Gbetiokun-1 well in Nigeria.
Shares in Eland Oil & Gas were up 3.4% at 34.50 pence Friday morning.
The placing will be conducted via an accelerated bookbuild, to be launched immediately. Panmure Gordon (UK) Ltd is acting as lead bookrunner, Canaccord Genuity Ltd is acting as nominated adviser and joint bookrunner, Rand Merchant Bank is acting as joint bookrunner in South Africa, and Pareto Securities is also acting as joint bookrunner.
The number of shares placed and the placing price will be announced following the closing of the bookbuild.
"Following the exceptional success of Opuama-3 well re-entry, we look forward to further enhancing production through the development of the Gbetiokun-1 workover well. The initial rate from the Gbetiokun-1 well is expected to be circa 7,800 bopd gross. This project will once again almost double the company's already significant production profile," said Chief Executive Officer George Maxwell in a statement.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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