Matra Petroleum, an independent oil and gas exploration and production company, has raised £0.35m in the second stage of a placing, bringing its total to £1.2m.
The firm placed the further 70m shares with Delek Energy Systems on top of the 170m already placed.
The funds raised will be used for working capital and to initiate production from well A-13 in the Sokolovskoe Field.
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
The firm anticipates that the shares will begin trading on AIM on or around 22 November.
Managing director Peter Hind said: "We are delighted that Delek has participated in this placing and continues to strongly support Matra in progressing the development of the Sokolovskoe Field."
The share price rose 4.35% to 0.6p by 12:58.
NR
-
Spot the Dog: £67bn in underperforming funds revealedAround 137 funds consistently underperformed their benchmark, BestInvest's Spot the Dog report finds. Which funds are in the dog house?
-
What does a BP and Shell merger mean for the UK oil industry?BP’s struggles have made it vulnerable to a takeover. Could it merge with Shell to create a British behemoth?
