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Adriatic Oil increasing efforts to raise new capital

Last updated: 14:09 27 Feb 2015 GMT, First published: 15:09 27 Feb 2015 GMT

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Adriatic Oil (ISDX:ADOP) says it is increasing efforts to raise capital and a fundraising would likely coincide with a float onto the AIM market.

It did caution, however, that without a funding the group’s financial position would be uncertain.

The company also told investors that terms have been agreed with Ireland’s Petroleum Affairs Divsion to renew a licencing option over acreage in the Celtic Sea.

Shanagarry, the Irish project, is being pursued alongside partner Fastnet Oil & Gas.

Separately, the company said it is no longer in talks with Albpetrol about a project offshore Albania.

Chief executive Bruno Müller, in a statement, said: “Entering 2015, the board and management team remains committed to its goals which project the achievement of further growth.”

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