Petroleum Africa
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Thursday, November 28, 2013
Shore Capital Stockbrokers and GMP Securities Europe, as joint bookrunners, have raised £10 million (before expenses) for Fastnet Oil & Gas through an oversubscribed placing of 71,428,578 new ordinary shares in the capital of the company with new and existing investors at 14 pence per share.
The placing is conditional, inter alia, upon the passing of certain shareholder resolutions and the admission of the placing shares to trading on AIM.
The company plans to use the proceeds of the placing to fund its participation in an exploration well offshore Morocco.
“I am very pleased to announce this successful placing. Fastnet has established a portfolio of over 25,000 sq km under license in two emerging industry ‘hot spots’ in both offshore and onshore Morocco and offshore Ireland and I welcome the support from new and existing shareholders as we progress towards exploration drilling in Morocco in early 2014.”
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