Ghana: Petrel said on Wednesday it has raised £400,000 via the placing of 21,621,622 ordinary shares with new investors at a price of 1.85p per placing share.

The placing shares represent approximately 20.68% of the company’s issued share capital, as enlarged by the placing. Petrel also said that the net proceeds of the placing will fund any costs associated with the ongoing negotiations regarding the company’s Ghanaian assets and will also provide the company with additional working capital, as the company’s board continues to assess new projects. In Ghana, Petrel holds a 30% interest in a license agreement over an onshore/offshore block.

The 1,532 km2 Tano 2A Block is held by Pan Andean, a private Ghanaian company, owned 60% by Clontarf Energy, 30% by Petrel, and 10% by local Ghanaian interests.

Selected by SPTEC Advisory from Offshore Energy Today