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LONDON (Alliance News) - Mongolian oil explorer Petro Matad Ltd on Thursday said it has completed its previously announced share placing, which it said was "significantly" oversubscribed.
The company had announced the USD18.3 million placing on Wednesday, with the proceeds to be used fund drilling of two more wells in Mongolia and to cover licensing costs.
Petro Matad placed 136.8 million shares at 10 pence each. Shares were down 14% Thursday at 11.10p apiece.
Chief Executive Mike Buck commented: "I am very pleased to announce the successful completion of this oversubscribed placing with new and existing institutional shareholders and I would like to thank them for their support. Petro Matad is now well capitalised to execute a six well exploration drilling programme during an active and exciting twelve month period.
"This is the most significant exploration campaign in Mongolia for a number of years and I look forward to reporting on its progress once it kicks off in July 2018 with the spudding of the Snow Leopard-1 well."
