22nd Oct 2019 11:10
(Alliance News) - Azerbaijan-focused oil & gas firm Zenith Energy Ltd said Tuesday it raised GBP824,000 through an increased participation in a private placement on the Merkur Market of the Oslo Stock Exchange.
Zenith issued 28.0 million shares at NOK0.35 each - equivalent to 2.96 pence per share - on the Merkur Market, raising NOK6.1 million.
Shares in Calgary, Canada-based Zenith were 2.6% lower at 3.22p in London on Tuesday.
On Monday, Zenith announced it raised GBP518,000 through the placing of 17.5 million shares at the same price. On Tuesday, Zenith explained it increased the size of the offer following "additional investor interest" after the announcement on Monday.
On Monday, Zenith said the cash raised will be used to fund long-lead items for the firm as well as the beginning of civil works required in preparation for planned drilling operations at the M-247 well of the Muradkhanli field.
Zenith Chief Executive Officer Andrea Cattaneo said he was "pleased" to have completed the firm's first private placement in Norway following its listing in the country last year.
"The Norwegian market has proven extremely favourable for the company in recent months as we have delivered the first results of our drilling activities, and I am delighted that many existing and new Norwegian investors participated in the private placement," Cattaneo added.
"We look forward to the commencement of drilling operations at well C-30 in due course", Cattaneo said.
By Ahren Lester; [email protected]
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