LONDON (Alliance News) - LGO Energy PLC Thursday said it has raised GBP1.6 million after issuing 52.5 million shares at a price of 3.0 pence per share in a discounted placing.
LGO shares were down 5.2% to 3.17 pence per share on Thursday morning.
The funds are to be used for general working capital and to continue developing its work programme in Trinidad, especially its flagship asset, the Goudron field.
The company says that the Goudron field remains unaffected by the low commodity price environment and that both its projects remain very economical.
"The company's production operations in Trinidad and Spain are inherently low cost and as a result remain economically robust at current and likely future oil prices," said LGO.
In addition, LGO said the Full-Tensor Gravity Gradiometry airborne survey has commenced over the Goudron asset. These surveys measure minute variations in the Earth's gravitational field to help image subsurface structures. From these surveys, a detailed interpretation of the subsurface geology can focus future exploration objectives.
The aircraft, owned by ARKeX Ltd, arrived on site on January 7, and has completed its claibration flights, with the main survey acquisition underway, said the company.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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