Matra Petroleum, an oil and gas exploration and production company, has raised £0.85m through the placing of 170m new ordinary shares.
The funds generated will be used to initiate production from well A-13 at its wholly owned Sokolovskoe oil field and as well as for working capital.
Following admission of the shares onto AIM, expected to occur on 16 November, the company will have 1,284,917,872 shares in issue.
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
Matra's managing director, Peter Hind said: "The funds raised will allow Matra to commence initial production in early 2012 from the Sokolovskoe Field that has 15.1 million barrels of 2C recoverable contingent resources and finalise plans to progress its further development."
The share price fell, losing 8.33% to 0.55p by 08:29.
NR
-
Do you qualify for the Winter Fuel Payment if you live abroad?The Winter Fuel Payment will be means tested for expats living in Europe, in line with the new rules impacting those in the UK. But a quirk in the system means not all countries are eligible.
-
What the Employment Rights Bill means for your jobNew workplace reforms are set to give employees new rights to benefits and flexible working
