25th Feb 2019 12:15
LONDON (Alliance News) - President Energy PLC on Monday said it launched a subscription offer to raise funds towards the acceleration of its expansion programme in the Rio Negro province in Argentina.
The upstream oil & gas company said the offer will be for up to GBP6.5 million via the issue of a maximum of 81.3 million shares at 8.00 pence per share.
President Energy shares were trading down 5.9% at 8.00p each on Monday at midday.
Chair Peter Levine said: "Today's offer allows us to introduce new investors who have expressed concrete interest to come on board while ensuring that our existing investor base and other non-institutional investors are able to participate.
"The proceeds of this offer will place the company in an even better position not just to develop but to accelerate the multiple opportunities available to us to progress our newly expanded portfolio in the Neuquen Basin [Argentina]."
Related Shares:
PPC.L