LONDON (Alliance News) - Zenith Energy Ltd started trading on London's AIM market on Wednesday, raising money to fund work on its projects in Azerbaijan, Argentina and Italy.
Zenith announced last week it would float on London's Main Market, issuing 33.3 million shares at 7.00 pence each and raising GBP2.3 million to fund its plans to develop its oil and gas assets.
Shares in Zenith were up 11% to 7.76p on Wednesday.
The firm operates onshore oil and gas fields in Azerbaijan, owns oil fields in Argentina and significant gas producing assets in Italy.
It will use the funds from the placing to repay debt and to provide working capital to back developing its assets.
Zenith is already listed on the Toronto Stock Exchange and will keep that listing alongside its Main Market float.
UK-listed investment firm Gunsynd PLC confirmed on Tuesday it had invested GBP375,000 in the float.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Zenith Energy (ZEN)
Gunsynd (GUN)