LONDON (Alliance News) - RockRose Energy PLC gained in its first morning trading on the London Stock Exchange's Main Market on Tuesday, after the group raised GBP4.4 million through its float.
RockRose, a company created to make an acquisition in the UK oil and gas sector, raised GBP4.4 million from the issue of 8.8 million shares at 50.00 pence per share. It shares were trading up 4.0% to 52.00 pence mid-morning.
The company said it would have a market capitalisation of around GBP5.0 million upon admission.
"We are excited by the opportunity that we see in the UK oil and gas sector to acquire interests in production assets with meaningful reserves and are confident that we have the right platform to grow the portfolio in a capital efficient way while delivering shareholder value," said Executive Chairman Andrew Austin.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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