23rd May 2014 14:42
LONDON (Alliance News) - Mosman Oil & Gas Ltd Friday said it has raised GBP350,000 from the placing of 3.5 million shares in the company at 10 pence per share.
The New Zealand and Australia-focused oil exploration and development company said the funds raised will be used to increase its June drilling programme at the Petroleum Creek Project in New Zealand.
It said the cash will help to add a third well at the site and deepen its proposed Crossroads-1 well to around 400 metres from the initially planned 250 metres.
"We are pleased to raise additional funds to increase the Company's drilling programme at Petroleum Creek and look forward to a more detailed programme of activity in the coming months," Executive Chairman John Barr said in a statement.
Mosman Oil & Gas shares were up 1.4% to 10.9 pence on Friday.
By Tom McIvor; [email protected]; @TomMcIvor1
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