President Petroluem agrees farm-in and placing to raise funds

President Petroleum, an oil and gas group, has signed a farm-in agreement for two contiguous blocks in Paraguay and has proposed the placing, open-offer and subscription of shares to raise the necessary funds.

President Petroleum, an oil and gas group, has signed a farm-in agreement for two contiguous blocks in Paraguay and has proposed the placing, open-offer and subscription of shares to raise the necessary funds.

President has proposed the firm placement of 28.96m shares, the conditional placement of 86.89m shares, an open offer of up to 20m shares, and a subscription of 18.75m shares, all at 20p per share to raise £30.92m.

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