(Alliance News) - Anglo African Oil & Gas PLC has successfully raised GBP8.3 million at a significant premium to re-enter a well on the Tilapia field in the Republic of the Congo.
The exploration company on Wednesday said it has placed 49.3 million shares at 5.2 pence each with Miton Asset Management, while YA II PN Ltd and Riverfort Global Opportunities PCC Ltd have subscribed for 109.3 million shares at the same price.
Shares were 3.9% higher at a price of 4.26p each in morning trade.
Miton's investment is worth GBP2.6 million, and the other two's combined investment GBP5.7 million.
"Receipt of the monies from the fundraising alongside continued anticipated receipts from SNPC are expected to enable the company to re-enter the TLP-103C well at its Tilapia field in the Republic of the Congo with a view to producing oil from the Djeno horizon," said Anglo African.
Anglo African had originally agreed a third of the GBP8.3 million fundraise with European High Growth Opportunities Securitisation Fund, but then decided on the other investors.
