(Alliance News) - Lansdowne Oil & Gas PLC on Thursday said it has raised GBP200,000 through a placing of 200.0 million new shares at 0.1 pence each.
Shares in the North Celtic Sea-focused oil and gas company were down 30% to 0.12p each in London on Thursday afternoon.
It said it has raised GBP60,000 from a firm placing and GBP140,000 from a conditional one.
Lansdowne noted that the proceeds from the placing will be used to meet its expected working capital requirements through to the end of October.
Lansdowne also said it is in talks with litigation funders for dispute with Ireland over Barryroe.
In May, Lansdowne received a letter from the Irish Department of the Environment, Climate & Communications indicating that the Barryroe lease undertaking would not be granted. It has invested USD20 million in the Barryroe project.
By Sophie Rose, Alliance News reporter
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Lansdowne Oil (LOGP)