LONDON (Alliance News) - Anglo African Oil & Gas PLC on Thursday said it has raised GBP7.4 million following a share placing to fund drilling work in the Republic of the Congo.
Anglo African placed 92.6 million new shares at a price of 8.00 pence each.
The funds will go towards the TLP-103 well on the company's 56%-owned Tilapia field, with successful drilling potentially "transformational" for the firm.
The company also said shareholder Sister Holding SAS did not support the placing, and refused to take part. It asked for anti-dilution protection, but Anglo African said this was rejected.
Executive Chairman David Sefton said: "The level of support received from existing and new investors validates our view that Tilapia is a valuable asset for the company.
"By having the flexibility to bear, if needed, the entire cost of TLP-103, we can now move forward and drill this new well over the summer, continuing the positive operational momentum generated in recent months following the arrival of the new CEO, James Berwick, and his team. Success at TLP-103 will be transformational for the company."
Shares closed down 4.2% on Thursday at 9.06p each.
