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LONDON (Alliance News) - Angus Energy PLC on Monday said it intends to raise GBP2.0 million through a share placing for general working capital purposes and business development opportunities.
The oil & gas production company plans to issue 22.2 million shares at a price of 9 pence each. The stock was trading 12% lower on the day Monday at 11.58p each.
The placing price represents a 23% discount to the 30-day volume weighted average share price.
Angus Energy intends to use the proceeds to provide funds for general working capital purposes, principally in relation to the strategy at Brockham oil field located in Surrey, England. It also expects to use the funds to expand its portfolio of onshore development and appraisal projects
At the beginning of October, the company reported 7-day Brockham flow test programme results, with natural flow rates at 853 barrels of oil per day. Duration of the test runs were limited, Angus Energy said, but based on the flow test results it believes it can establish commercial production before the year-end.