Energy Producers
By Michele Maatouk
Date: Friday 10 Jul 2015
LONDON (ShareCast) - Oil and gas company Savannah Petroleum has successfully placed a total of 61.7m shares at 38p per share, raising gross proceeds of around $36m to finance the acquisition of additional acreage in Niger.
The placing shares issued represent approximately 47% of the company's existing issued share capital and the shares are to be issued in two tranches.
A first tranche of just under 43.8m shares will be issued immediately following settlement on 13 July 2015, raising gross proceeds of approximately $26m.
A second tranche of 17.9m shares will be issued on or before 3 August 2015, subject to shareholder approval.
RBC Capital Markets said: "Acquiring acreage at this stage - ahead of growth in interest in onshore plays - makes sense."
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Currency | UK Pounds |
Share Price | 26.25p |
Closing Price Change | 0.000p |
% Change | 0.00 % |
52 Week High | 40.20p |
52 Week Low | 10.00p |
Volume | 0 |
Shares Issued | 1,312.19m |
Market Cap | £344.45m |
RiskGrade | 340 |
Value |
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Value |
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Income |
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Growth |
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Strong Buy | 0 |
Buy | 1 |
Neutral | 0 |
Sell | 0 |
Strong Sell | 0 |
Total | 1 |
No dividends found |
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