The funds raised will be used to finance an active 2006 work program, concentrating on drilling to achieve production and prove up existing reserves. This will include four new wells, three work-over wells and one sidetrack well on the Company's Guatemalan assets. The Company will also continue to search for further exploration and development assets in Latin America, where a number of opportunities have already been identified.
Application has been made for the new ordinary shares to be admitted to trading on AIM and dealings are expected to commence on February 15, 2006.
The placements were made by Seymour Pierce in the UK and Natexis Bleichroeder Inc. in the US.
Nicholas Gay, Chief Executive Officer, commented:
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