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Zephyr Energy launches £10m equity raising at 2p/share
StockMarketWire.com
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Rocky Mountain focused oil company Zephyr Energy launched a £10 million share issue to fund a new well in Utah and cover the acquisition of interests in the Bakken formation in North Dakota.
New shares in the company were being offered at 2p each, a 2.5% discount to Zephyr Energy's closing price on Friday.
The company said the placing would fully fund the $3.5 million State 16-2 CC LN appraisal well drilling programme targeting first production from its Paradox project in Utah.
'Today's developments mark a truly ground-breaking moment for the company,' chief executive Colin Harrington said.
'Following the completion of this ambitious fundraise, Zephyr is poised to transform itself into a well-capitalised, self-sustaining platform with a financial flexibility that will enable the company to pursue - on an independent basis - the significant upside potential which exists in our Paradox project.'
Story provided by StockMarketWire.com
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