6th Jun 2006 09:46
Rift Oil PLC06 June 2006 For Immediate Release 6 June 2006 RIFT OIL PLC ("Rift" or the "Company") PLACING TO RAISE £540,000 Rift Oil PLC (LSE : RIFT), is pleased to announce that it has raised £540,000(before expenses) through a placing of 10,800,000 new ordinary shares in theCompany at 5p each. The new ordinary shares represent 3.0 per cent. of theenlarged issued share capital. Following the recent gas discovery at therecently drilled Douglas-1 exploration well, these funds will help fund theongoing appraisal of the well. Rift has a 65% interest and its joint venturepartner, Austral Pacific Energy Ltd. a 35% interest in Douglas-1. The discoveryhas been deemed by the operator Austral Pacific Ltd. to warrant casing andproduction testing. Application has been made for the 10,800,000 new ordinary shares to be admittedto trading on AIM. The new shares will rank pari passu with the existingordinary shares in the Company, and trading is expected to commence on Monday 26June 2006. - Ends - Contacts: Rift Oil plc 020 7499 1400David Lees, Finance Director Buchanan Communications 020 7466 5000Tim AndersonBen Willey This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Rift Helium