Zephyr Energy PLC - Rocky Mountain oil and gas company - Places 409.1 million shares at 0.55 pence each, raising GBP2.3 million before expenses. Oversubscribed placing conducted with a range of new, existing and institutional investors. Turner Pope Investment acts as broker. Of funds raised, GBP1.2 million is conditional on shareholder approval.
Colin Harrington, chief executive, says: "We are delighted to announce this placing, which fully finances the company's maximum funding obligations for drilling the State 16-2 dual-use well on our acreage in the Paradox Basin, Utah. With the funding now secured, the company remains on track to spud the well before the end of the year. We expect the processing and interpretation of the data acquired to take place early in the New Year, following which we hope to be in a position to commence commercial drilling operations utilising the 16-2 wellbore shortly thereafter."
Current stock price: 0.53 pence; down 13% on Friday
Year-to-date change: down 38%
By Anna Farley; annafarley@alliancenews.com
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Zephyr Energy (ZPHR)