25 May 2012

San Leon taps the market

04/08/2010 Robert Tyerman

Dublin-based San Leon Energy has raised £3.15 million at 14p to explore and develop projects in Poland, Ireland and Morocco. Fox-Davies Capital and Arbuthnot Securities handled the AIM company's placing at an 8.4 per cent discount to the previous 10 days' average price.

Chairman Oisin Fanning says San Leon's work programme continues 'unabated'. The company has a seismic programme under way offshore Ireland, while exploration at Szczecinek in Poland and at Morocco's Tarfaya oil shale project are 'progressing to schedule'.

Shares in San Leon, which have fluctuated between 27.5p and 13.5p over the past 12 months, now stand at 15.5p, down 1.25p this morning. That values the company at £62.7 million.

Tags: AIM, Commodities, Emerging markets, Fundraisings

Sector: Oil & Gas Producers

Companies: San Leon Energy

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