Savannah Petroleum is expecting to raise around $40 million through placing and subscription activities, which will be used to fund its activities in Niger.
A total of 79,835,682 new ordinary shares, of par value £0.001 each in Savannah Petroleum, have been conditionally placed at a price of 38 pence per placing share. Directors and senior management of Savannah intend to subscribe for an aggregate amount of approximately 1,444,318 new ordinary shares on the same terms governing the wider placing, according to a company statement.
“This fund raise was oversubscribed and has been extremely well supported by both existing and new shareholders who we thank, as well as by the management team,” said Andrew Knott, CEO of Savannah Petroleum.
“This is a strong endorsement of our strategy and ensures we are funded to move the assets to the next level of value creation. From here we can now look forward to the imminent recommencement of ground operations with the 3D seismic programme at R3, which will in turn help us maximize the chances of a successful drilling campaign in 2017. This is an extremely exciting time in the Savannah story and we look forward to providing further updates in the weeks ahead.”
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