Wessex Exploration, an oil and gas explorer listed on AIM since March, has raised £12m through the placing of 240,000,000 new ordinary shares at 5p per share.
The total sum, which does not take into account expenses, will be used to react without delay to any financial requirements of the Zaedyus discovery at the Guyane Maritime Exclusive Exploration Licence, in which Wessex holds a 1.25% working interest.
Managing director Frederik Dekker said: "We are delighted to announce the placing which will provide the company with the funds required to participate fully in the anticipated Guyane forward work programme and to develop the company's other projects."
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 share price rose 4.25% to 5.53p by 13:42.
NR
-
Money tips for the end of the tax yearThe tax year will end on 5 April, and your annual allowances for 2024/25 will disappear with it. Here’s how to get your finances in shape
-
India's stock market decline wipes out $1.3 trillion in market valueMore than $1 trillion has been wiped off from India's stock market after investors turn to China. Has the emerging-market darling hit rock bottom?
