Mongolian explorer raises £13.7m through share placing www.energyvoice.com
Mongolian oil explorer Petro Matad has raised £13.7 million through the placing of 136m shares.
The new shares represent 26.05% of the company’s existing capital.
Mike Buck, chief executive of London-listed Petro Matad, said: “We are now well capitalised to execute a six well exploration drilling programme during an active and exciting 12 month period.
“This is the most significant exploration campaign in Mongolia for a number of years and I look forward to reporting on its progress once it kicks off in July 2018 with the spudding of the Snow Leopard-1 well.”
The update sent Petro Matad’s shares down 13.62% in early trading.