President Energy, an oil and gas producer, has announced the placing of just over 5.5m open offer shares at 20p each, representing around 27.69 per cent of the shares offered on September 12th.
The transaction raised a total of £24.28m, with a further £3.75m conditionally raised following the completion of President Energy's farm-in agreement, under which it will earn a 59% and 60% interest in the Pirity Block and Demattei Block, respectively, in Paraguay.
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Peter Levine, Chairman of President said: "We are delighted to have successfully raised these funds, which allow us to progress with the development of our assets in Paraguay, the acquisition of which is due to complete shortly.
"By our estimates the combined blocks in Paraguay have a gross risked recoverable resource potential of greater than 150m barrels, with a net success case NPV10 estimated at over $25 per barrel, thus giving over net $2bn of value on that estimated success basis, if President earns its full working interests. With funding and the right team now in place, we can now concentrate on developing this highly prospective and company transforming acreage."
The share price rose 0.61% to 20.50p by 13:08.
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