(Alliance News) - Baron Oil PLC on Thursday said it has raised GBP3 million through a placing, subscription and retail offer.
Baron Oil said it has raised GBP2.7 million through an oversubscribed placing and subscription of 6.00 billion shares priced at 0.025p each.
In addition to the placing and subscription, it has raised GBP300,000 through a retail offer.
Baron Oil said the proceeds will be used to support its share of expenditure on the TL-SO-19-16 production sharing contract, offshore the Democratic Republic of Timor-Leste in the first half of 2024.
Chief Executive Andy Yeo said: "This funding, in conjunction with our existing available cash, will allow us to push on with the preparations for the drilling of the Chuditch-2 appraisal well planned for Q4 2024. These preparations will also include progressing drill financing. In a drilling success case, we expect to be able to validate a significant resource to create real value for shareholders."
By Sophie Rose, Alliance News senior reporter
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Baron Oil (BOIL)