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(Alliance News) - Oil and gas explorer Petrel Resources PLC said Tuesday that it has raised EUR559,681 via issue of 44.8 million shares at 1.25 cents a share.
Net proceeds from the placing, which represents 30% of the enlarged share capital, will be utilised by the company to acquire and develop assets in the Middle East and North Africa.
"The Middle East & North Africa (MENA) offers unique oil & gas opportunities for those able to operate. Petrel has worked in the Middle East since 1999, and has shown the ability to operate in challenging circumstances, without loss of life or equipment. We have being strengthening our Iraqi expertise in recent months."The group of new investors in Petrel bring significant financial and hydrocarbon experience in the MENA region" said Director David Horgan.
Shares in Petrel were untraded on Tuesday, last quoted at 1.22p each.
