Europa Oil & Gas, the junior explorer focused on the UK, France and Ireland, reported Thursday that it has raised approximately $4.7 million in a share placing to help it progress a number of projects. The funds will enable the firm to drill its Kiln Lane prospect in the East Midlands, England.
Europa CEO Hugh Mackay commented in a company statement:
"We look forward to applying the proceeds of the Placing towards progressing our balanced portfolio of assets. In particular, this will allow us to drill the Kiln Lane prospect on PEDL-181 which is located in a working hydrocarbon system where a number of discoveries have been made in adjacent licenses.
"We estimate Kiln Lane has gross mean un-risked resources of 2.9 million barrels of oil and with a 50-percent interest and operatorship of the licence, and we hope to drill a well in H2 2014."
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