25th Apr 2014 17:32
LONDON (Alliance News) - Leni Gas & Oil PLC Friday said it has raised GBP1.4 million by way of a placing of 144.7 million shares at a placing price of 0.95 pence per share.
The oil and gas exploration and development company said it plans to use the funds to assess a number of producing fields in Trinidad which have recently been made available to the company.
Leni Gas & Oil said it will also use the cash to ensure sufficient working capital is available for its next expansion phase at the Goudron Field in Trinidad.
The company plans to test drill the first of 30 new development wells at Goudron in the next few days.
Leni Gas & Oil shares closed down 0.5% at 0.975 pence Friday.
By Tom McIvor; [email protected]; @TomMcIvor1
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