04/07/2008
Resources play Regal Petroleum has raised £20.5 million to fund drilling rigs for the Ukraine and to study its Romanian gas find.
The AIM-quoted company has tapped the market for that sum, before expenses and commissions, at 245p a share, with investment bank Merrill Lynch as lead manager and book runner. Regal, headed by Shell veteran David Greer, says it wants the money to pay the up-front costs of two rigs arriving in the Ukraine later this year and to secure up to another two, as well as to fund seismic analysis of the company’s recent gas discovery in Romania.
Shares in Regal, which slashed its losses last year from £57.5 million to £8.5 million, now trade at 232.75p, valuing the company at £472 million.
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