Oil and gas exploration company Europa Oil and Gas has conditionally raised £2.1million from fundraising efforts.
The company raised the money after it placed its shares at 6p per share, and has plans to sell a further £1.5million worth of shares in an open offer to qualifying shareholders.
Europa’s chief executive officer Hugh Mackay said: “The support we have received for this fundraise from new and existing shareholders demonstrates how the market is beginning to recognise the potential for Atlantic Ireland to become a major new hydrocarbon province.
“Having fully funded our 2017 work programme for our UK onshore licences, including drilling the Holmwood prospect in the Weald and, subject to approval being granted, the development of the Wressle discovery, these funds will enable us to build on the excellent work we have carried out to date across our offshore Ireland licences.”
The firm is undertaking the fund-raising process as it seeks financing to accelerate its near-term work programme offshore Atlantic Ireland.
It also hopes that it will help them to attract farm-in partners for the six Irish licences that it does not currently have a farm out partner for.