Wessex raises £12m through placing
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.
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."
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
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
Is it time to ride the recovery in emerging markets?
Interview What's the outlook for emerging markets? Gustavo Medeiros, head of research at Ashmore Group, gives his analysis and reviews progress in developing economies
-
Could the Enterprise Investment Scheme cut your tax bill?
The Enterprise Investment Scheme is tax-efficient and potentially lucrative. Taking a chance on the scheme could trim your family’s IHT bill, says David Prosser