(Alliance News) - Zenith Energy Ltd on Wednesday said it has raised NOK11.1 million, around GBP935,000, through a placing on the Merkur Market of the Oslo Stock Exchange.
The oil & gas producer said the proceeds of the placing of 55.5 million shares at NOK0.20 per share will be used for business development activities, additional working capital, and operational matters related to the recent Anglo African Oil & Gas PLC transaction.
Just after Christmas, AAOG announced it has agreed to sell 80% of its Congolese subsidiary to Zenith for GBP1 million. The business holds 56% in the producing Tilapia field, with the rest owned by the country's national oil company.
Following admission of the placing shares, Zenith's share capital on the Oslo Stock Exchange will comprise 507.1 million shares.
The stock was trading 8% lower at 1.70 pence each on Wednesday afternoon in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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Zenith Energy (ZEN)