Magnolia Petroleum, the US-focused oil and gas explorer has raised 1.3m pounds through a share placing and subscription.
The placing of 95,653,740 new ordinary shares, at 1.3p per share, was "significantly oversubscribed", the group said.
The 4,461,530 subscription shares were taken up by directors of the firm.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Magnolia's Chief Operating Officer, Rita Whittington said: "Today's fund raising will go towards our participation in further drilling in prolific plays such as the Three Forks Sanish where earlier this week we reported our best ever initial production rate that has, on its own, increased our net barrels of oil per day by 50%."
Shares in Magnolia gained 4.6% by 12:42, the stock is 85% ahead over the last 12 months.
BS
-
What happens if you can’t pay your tax bill, and what is "Time to Pay"?Millions are due to file their tax return this Friday as the self-assessment deadline closes. Though the nightmare is not over until you pay the taxman what you owe - or face a penalty. But what happens if you can't afford to pay HMRC your tax bill, and what is "Time to Pay"?
-
What does Rachel Reeves’s plan for growth mean for UK investors?Rachel Reeves says she is going “further and faster” to kickstart the UK economy, but investors are unlikely to be persuaded
