Anglo African Oil & Gas said it had received commitments to raise up to £8.25m through the issuance of new shares to support its efforts to re-enter the TLP-103C well at its Tilapia field in the Republic of the Congo with a view to producing oil from the Djeno horizon.
The fundraising included a commitment from existing institutional investors in the company to subscribe for 52,288,347 shares at a price of 5p a share and also a signed term sheet between the company and European High Growth Opportunities Securitization Fund, who would subscribe for at least 106,331,011 new shares.
David Sefton, Executive Chairman of AAOG, said: 'It has been our goal since inception to produce oil from the potentially prolific Djeno horizon. Technical analysis of the well data and the oil that has subsequently come to surface has led to a revision of the operational plan such that we will now re-enter the Djeno in 103C and seek to produce from it.'
'Once completed, this Fundraising will enable us to achieve this. We are grateful for the support shown and look forward to completing the Fundraising very soon.'
At 10:02am: (LON:AAOG) Anglo African Oil Gas Plc Ord 5p share price was -0.25p at 4.95p