The open offer equity funding was very well supported by investors.
The offer was significantly oversubscribed, with valid acceptances representing some 138% of available new shares. Scale back measures will be will now be applied.
In early December the company announced a £7.1mln oversubscribed placing and launched an open offer to raise £1.5mln.
The fundraiser will allow the Africa-focused oil energy group to re-enter the Anchois-1 discovery, the company reported on December 3.
It will also help it ‘capitalise’ on a low-cost rig rate secured for the Anchois-2 appraisal campaign, due to spud in December 2021, offshore Morocco.
At the same time the cash injection provides the financial stability to negotiate gas sales agreements and provides financing to ‘unlock’ the final investment decision on Anchois, investors were told.
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