LONDON (Alliance News) - Northcote Energy Ltd Wednesday said it has raised GBP1.8 million through a placing organised by Shore Capital Stockbrokers.
The onshore US oil and gas exploration and production company said the funding, which was achieved via new and existing shareholders, will be used to advance its production and reserves in Oklahoma.
Having already achieved its 2013 production target of 100 barrels of oil equivalent per day the company is ramping up operations in an attempt to reach 250 barrels of oil per day by July 31 2014.
"Our overall objective is to substantially grow our cash flows and ultimately, the value for shareholders and we believe that this placing will allow us complete accretive acquisitions as well as to accelerate other operational initiatives and we look forward to updating the market at the appropriate time," Chief Executive Randy Connally said in a statement.
Northcote shares were down 8.6% to 1.12 pence Wednesday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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