LONDON (ShareCast) - Serica Energy, a UK-based oil and gas company, has arranged an open offer and a placing to raise funds that will allow it to carry out its proposed work programme and expand its portfolio.

The group is placing 56.87m shares at 18p a piece to raise a total of £10.2m, and intends to raise up to a further £4.1m through a one-for-eight open offer of up to 22.85m ordinary shares.

The price of 18p represents a discount of 1.4% to the mid-market price of 18.25p on October 21st.

Tony Craven Walker, Non-Executive Chairman and Interim Chief, said: "Serica is entering an exciting period in the company's development with several near-term, potentially value-changing events that can deliver significant value.

"The capital raising will be used to fund our forthcoming work programme, as well as taking advantage of early-entrant opportunities where we can use our substantial technical and operational expertise. The fundraising places Serica in a stronger position and we look forward to updating the market in the near future."

NR

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