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.

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."

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The share price rose 4.25% to 5.53p by 13:42.

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