London-listed oil and gas firm Deltic Energy has announced the results of a planned fundraiser.
Through an open offer, which allowed existing backers to increase their stake, the company (LON: DELT) received “valid acceptances” for 27,395,708 shares.
In total the move raised gross proceeds of approximately £0.96 million.
Taken with the results of a separate placing and subscription, it means Deltic has raised £15.96, exceeding its original goal.
Cash secured through the fundraiser will help cover the costs of Deltic’s ongoing operations, including the Selene and Pensacola plays, and its work on the upcoming North Sea licensing round.
The issuance of the 455,967,137 new ordinary shares is subject to approval at the company’s general meeting, due to be held today.
Cash secured through the fundraiser will help cover the costs of Deltic’s ongoing operations, including the Selene and Pensacola plays, and its work on the upcoming licensing round.
Graham Swindells, chief executive of Deltic, commented: said: “I am very pleased to report that, subject to shareholder approval, we will have raised funding of approximately £16 million, which is an excellent result for the Company and means that the Company is funded for both Selene and Pensacola. We are very grateful to our shareholders for their continued support and we are excited about the next phase of our development, particularly as we are about to drill our first well with Shell on the Pensacola gas prospect.”