| Independent Resources raises £800,000 to get Egypt venture rolling | |
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East Ghazalat is seen as a way to generate cashflow.
Independent Resources (LON:IRG) has launched a placing to raise £800,000 to fund its recent joint venture with fellow AIM–lister Nostra Terra (LON:NTOG).
The venture acquired an interest in the East Ghazalat producing concession in Egypt’s Western Desert for a total US$3.5mln.
An initial consideration of US$1.0mln is payable at completion with the balance due in a year‘s time.
East Ghazalat is seen by both companies as a way to generate cashflow, while also having significant potential exploration upside.
The venture will get some 440 barrels of oil production and just over 1mln barrels of proved and probable (2P) reserves – meaning each partner will have 220 bopd and about 500,000 barrels of reserves.
Independent added it had been reluctant to raise more funds through a share issue before securing an interest in a producing asset.
Now after the East Ghazalat deal it wants to strengthen its finances for both that project and any follow-on investments both in Egypt or elsewhere in North Africa.
Independent Resources is also to consolidate its shares to facilitate the placing, which will be at 0.6p per share, a 17% discount to the market price yesterday.
Shares eased 3% to 0.7p.
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Independent Resources Plc
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CODE : IRG.L |
ISIN : GB00B0RNX796 |
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ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
Independent Res. est une société basée au Royaume-Uni. Independent Res. est cotée au Royaume-Uni. Sa capitalisation boursière aujourd'hui est 184,9 millions GBX (221,3 millions US$, 193,9 millions €). La valeur de son action a atteint son plus haut niveau récent le 29 mai 2009 à 97,50 GBX, et son plus bas niveau récent le 20 mai 2016 à 0,04 GBX. Independent Res. possède 402 003 697 actions en circulation. |