(Alliance News) - Mosman Oil & Gas Ltd on Thursday said it has raised GBP300,000 by way of a placing of 545.5 million new shares at a price of 0.055 pence per share.
The placing shares represent a 13% discount to the closing price of 0.063p on Wednesday, being the last business day before the announcement.
Mosman Oil & Gas is a Sydney-based oil and gas company with projects in Australia and the US. Its shares were down 4.0% to 0.060 pence each in London on Thursday afternoon.
In October 2022, Mosman Oil & Gas raised GBP800,000. It used the proceeds for payment of drilling overrun costs, payment of costs related to change in the exchange rate, ongoing work on EP 145, the cost of bringing the Cinnabar-1 well into production, refurbishment and upgrade of the existing production infrastructure, examination of the feasibility of workovers at Arco-Fee G-1 well and Arco-Fee G-2 well planning activities in respect to the next Cinnabar development wells; and working capital.
Many of these activities have been completed or are underway, the company noted.
"All these tasks are designed to increase production in the medium term across several projects operated by Mosman," Mosman Oil & Gas added.
By Sophie Rose, Alliance News reporter
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Mosman Oil Gas (MSMN)