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.
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
-
Is the Financial Conduct Authority really contacting you? How to spot a scamFraudsters are impersonating the City watchdog to steal money from older people. Here is how to spot the scammers.
-
What is crypto?You may well have heard of cryptocurrencies, but it’s important to understand how these risky assets work before diving in
