20th Jan 2014 10:32
LONDON (Alliance News) - Europa Oil & Gas (Holdings) PLC Monday said its open offer had been over-subscribed, meaning it raised the maximum amount of GBP1.16 million it had wanted to raise through the offer.
The company had set out to raise GBP4.02 million through the open offer and a placing and has now achieved its targets. It will use the funds for further exploration activity.
In a statement, the oil and gas explorer said it is now funded to drill and test the Kiln Lane-1 prospect in the second half of this year. It has also started a process to farm-out the 416 bcf Berenx shallow gas prospect in France, with an object of drilling in the fourth quarter of 2014. It also expects to announce the results of a recently-completed 3D seismic survey offshore Ireland in the summer. In the first quarter, it will be participating with a 33% interest in the drilling
of the prospect in 180 exploration license onshore UK."
Europa Oil & Gas shares were down 1.8% at 6.75 pence Monday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
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