11 February 2012

Rheochem raises £1.6m

15/03/2010 Robert Tyerman

Oil services and exploration play Rheochem is raising £1.6 million for a North Sea project

Oil services and exploration play Rheochem is raising £1.6 million for a North Sea project

Oil and gas services, production and exploration concern Rheochem is tapping AIM with a 5p placing for a North Sea project.

The London-based company, steered by chief executive officer Haydn Gardner, is raising the money in an ‘oversubscribed’ placing through brokers McCall, Aitken, McKenzie and Astaire to meet its share of the costs involved in the Athena discovery during the stage before its development receives official government sanction. Rheochem says it is considering several project funding options for when official approval comes through, including debt or equity raising, farming out some assets or de-merging its exploration and production arm.

Floated six years ago at 16p, Rheochem shares now trade at 5.6p, down 0.65p this morning. That values the company at £12.15 million.

Tags: AIM, Commodities, Fundraisings

Sector: Oil & Gas Producers

Companies: Lochard Energy

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