| CATEGORY: AIM BULLETIN SECTOR: OIL & GAS PRODUCERS |
Afren to raise cash through placing |
|
Tue 10 Nov 2009
|
LONDON (SHARECAST) - The share price of Africa-focused oil explorer Afren received a dent on Tuesday morning after the company announced fund raising plans.
The company intends to raise $200m through the placing of new shares and the exercising of existing warrants.
The new shares will be placed with both existing and new institutional shareholders at a price yet to be determined.
The proceeds from the share issue will be used to accelerate the appraisal and development process of the company’s Ebok-Okwok complex in Nigeria.
The company also intends to conduct further appraisal and infill drilling of Afren's Côte d'Ivoire assets and in-fill drilling on the Okoro project in Nigeria.
Reharding current trading, the company said it ‘continues to exceed prior production guidance on Okoro and the Lion and Panthère fields in Block CI-11 since acquisition, with a group working interest production for 2009 forecast to average 22,300 bopd [barrels of oil per day].’
|
|
| |
|
 |
Archived Stories |
 |
|
Front Page Stories |
|
|
