Finance News Oil & Gas

Europa raises £7m via discounted placing

Europa Oil & Gas (Holdings) plc has conditionally raised £7.02 million, before expenses, to fund a new acquisition in the North Sea.

DISCOUNT

The company added that this was at a 21.7 % discount to the 30-day volume weighted average share price on 2 March 2022.

A Primary Bid offer, announced yesterday, is a separate and distinct offer, but is conditional on, inter alia, admission of the placing shares.

DIRECTORS’ DEALINGS

DirectorRoleExisting shareholdingExisting % shareholdingAllocation (shares)Participation (% of Placing)% holding post Placing
Simon OddieCEO884,6150.16%2,500,0000.71%0.35%
Brian O’CathainChairman 634,6150.11%833,3330.24%0.15%
William Ahlefeldt-LaurvigNED34,906,2886.16%833,3330.24%3.74%
Directors Simon Oddie, Brian O’Cathain and William Ahlefeldt-Laurvig will participate in the placing and subscription (Europa Oil & Gas)

PORTFOLIO

Europa said it would use the funds to acquire a farm-in of UKCS Block 13/23c (Serenity’) located in the North Sea.

The acquisition follows the company’s aim to hold an appraisal asset in addition to its existing producing and high impact exploration assets, for a more balanced portfolio.

One Reply to “Europa raises £7m via discounted placing

Comments are closed.