22nd Oct 2013 09:22
LONDON (Alliance News) - AIM-listed Serica Energy PLC Tuesday said it is seeking to raise GBP14.3 million before expenses through a placing and open offer and will use the funds to fund its forthcoming work programme and possibly expand its porfolio of assets.
The oil and gas company said it has raised gross proceeds of GBP10.2 million by placing 56.9 million new shares at 18 pence each with existing and new investors, and will raise up to GBP4.1 million more through an open offer. It said directors had subscribed to GBP4.2 million worth of shares in the placing.
UK-based Serica currently has exploration assets offshore Ireland, Morocco and Namibia and development assets in the UK and Norway.
"The capital raising will be used to fund our forthcoming work programme, as well as taking advantage of early-entrant opportunities where we can use our substantial technical and operational expertise," Non-Executive Chairman and interim Chief Executive Tony Craven Walker said in a statement.
"The fundraising places Serica in a stronger position and we look forward to updating the market in the near future," it said.
Serica shares were up 1% at 18.44 pence Tuesday morning.
By Steve McGrath; [email protected]; @stevemcgrath1
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