Europa complete £2.86m placing

PUBLISHED: 09 Jan 2014 @ 23:39 | Comments (0) |

Europa Oil & Gas (LSE:EOG), an AIM listed oil and gas exploration, development and production company focused on Europe, has completed a placing to raise approximately £2.86 million (before expenses).

47,694,665 ordinary shares of 1 p each (‘Ordinary Shares’) have today been admitted to trading on AIM.

Shareholders are reminded that the Open Offer to raise up to a further £1.16 million (before expenses) remains open for acceptance until 11.00 a.m. on 17 January 2014.

Following completion of the Placing, and prior to the completion of the Open Offer the Company’s issued share capital consists of 185,550,169 Ordinary Shares. No Ordinary Shares are held in treasury.

The above figure of 185,550,169 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, Europa under the Financial Conduct Authority’s Disclosure and Transparency Rules.

Europa’s CEO Hugh Mackay said: “We look forward to applying the proceeds of the Placing towards progressing our balanced portfolio of assets. In particular, this will allow us to drill the Kiln Lane prospect on PEDL-181 which is located in a working hydrocarbon system where a number of discoveries have been made in adjacent licences. We estimate Kiln Lane has gross mean un-risked resources of 2.9mmbo and with a 50% interest and operatorship of the licence, and we hope to drill a well in H2 2014.”

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