Wildcat Petroleum, a London-listed oil company, announced on Monday that it has raised £450,000 ($546,525) through a heavily-discounted share placing. The funds will be used to strengthen the company’s balance sheet and provide working capital.
Share Placing Details
The company placed 375 million new ordinary shares at a price of 0.12 pence per share. This price represents a significant 64% discount to its closing share price on Friday, which was 0.33 pence.
Trading in London
The newly issued shares are expected to be admitted to trading on the London Stock Exchange on October 30th. Following the admission, these shares will account for approximately 13% of Wildcat’s expanded issued share capital.
Strengthening the Balance Sheet
Focus on the Sudanese Government
Due to ongoing political unrest, Wildcat Petroleum has been unable to finalize a production sharing agreement with the Sudanese government. However, the company plans to sign a service agreement, which aims to increase oil production at its Bamboo oil field. The signing of this agreement is expected to occur within the next few weeks.
In conclusion, the successful share placing will allow Wildcat Petroleum to bolster its financial position and pursue its goals despite the challenges posed by the political situation in Sudan.