LONDON (Alliance News) - Leni Gas & Oil PLC Thursday said it has raised GBP2.3 million before expenses, via a placing of 48.4 million new shares, funds it said it will use to accelerate developments on its Cedros Licenses in Trinidad.
Leni Gas & Oil, which issued the statement after the market close Thursday, said it placed the shares for 4.75 pence each.
The company said it will use the proceeds to accelerate it oil exploration efforts on its various Cedros Licenses in Trinidad, including the recently announced airborne gravity survey.
"The FTG [full-tensor gravity gradiometry] survey marks the next milestone in our extensive program of developing the exploration play in the underexplored Cedros Basin and we look forward to receiving the results in the New Year," said Chief Executive Neil Ritson in the statement.
Leni Gas & Oil shares closed trading Thursday 6.3% lower at 4.78 pence.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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