LONDON (Alliance News) - Eland Oil & Gas PLC said Friday said it has raised USD18.5 million through an upsized share placing to fund the re-entry, completion and production of the Gbetiokun-1 well in Nigeria.
Eland has issued 37.4 million shares at 34.00 pence per share to raise the funds. In total, it has raised USD18.5 million, up from the USD15.0 million it said it would target when it announced the fundraising earlier on Friday.
Shares in Eland Oil & Gas were up 0.4% at 33.5p on Friday afternoon.
"Following the exceptional success of Opuama-3 well re-entry, we look forward to further enhancing production through the development of the Gbetiokun-1 workover well. The initial rate from the Gbetiokun-1 well is expected to be circa 7,800 bopd gross. This project will once again almost double the company's already significant production profile," said Chief Executive Officer George Maxwell in a statement.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews. Updated by Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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