(Alliance News) - Jersey Oil & Gas PLC on Wednesday announced it has raised GBP15 million from an oversubscribed placing and subscription to help boost development of the Buchan oilfield.
The North Sea-focused upstream oil and gas company said the placing, which was first announced earlier on Wednesday, was for 9.1 million shares and the subscription was for 36,361 shares at an issue price of 165 pence per share.
Shares in Jersey Oil & Gas were up 9.6% at 178.70p in London on Wednesday.
A total of four directors subscribed for shares, including Chief Executive Andrew Benitz, Chief Financial Officer Vicary Gibbs and Non-Executive Chair Marcus Stanton. Chief Operating Officer Ronald Lansdell subscribed for 1.0 million shares, or a 4.6% stake, which was the largest out of all four directors.
"With the net proceeds of the fundraising, Jersey Oil & Gas can continue to develop its GBA project at pace and progress its recently launched farm-out process. This is an important period for Jersey Oil & Gas and we are highly encouraged by the significant interest we have received, as part of this fundraising, for the further development of our flagship production hub in the North Sea," said Benitz.
In addition, Jersey Oil & Gas said on Wednesday it intends to launch an offer to qualifying participants to raise up to a further GBP2 million at the issue price.
By Zoe Wickens; zoewickens@alliancenews.com
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Jersey Oil&gas (JOG)