29th May 2018 09:35
LONDON (Alliance News) - Mosman Oil & Gas Ltd said Tuesday it has raised GBP600,000 in gross proceeds from placing 109.1 million new ordinary shares at 0.55 pence per share.
Shares in the company were trading 14% lower at 0.62 pence each early Tuesday.
The company plans to use the placing proceeds to bring additional wells into production at Welch Permian Basin located in the US state of Texas and accelerate other work due to current strong oil price.
Funds will also be used to increase of Mosman's interest to 33.3% from 27% at the Arkoma stacked pay project in the neighbouring state of Oklahoma.
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Mosman Oil & Gas