Sign up UNITED KINGDOM
Proactive Investors - Run By Investors For Investors

Europa Oil & Gas CEO quizzed on latest fundraise

The chief executive of Europa Oil & Gas, Hugh Mackay, says the company’s plan to raise £3.4mln through share sales is necessary given where the price of oil is.

“At US$100 per barrel of oil, we were able to cover costs from our production – at $60 a barrel we can only cover 90%, so we have to raise money from time to time,” said Mackay.

New shares will be issued at 6p, a discount of around 20% to Friday’s closing price of 7.88p – a price Mackay said he was disappointed with.

However, the CEO is bullish on Europa’s prospects and the cash proceeds from the share issue are earmarked for Europa’s share of start-up costs at the Wressle field (around £500,000), onshore UK, as well as covering it share of admin costs associated with the large exploration venture off Ireland’s west coast.

 
Meet Rambler Metals and Mining PLC, Caledonia Mining Corporation, Medgold Resources Corp and Bushveld Minerals Limited at our event, London, 06 April 2017. Register here »
Juliet.jpg
Why Invest In Europa Oil & Gas (Holdings) Plc? Read More Here

Register here to be notified of future Europa Oil & Gas (Holdings) Plc articles
View full EOG profile

Europa Oil & Gas (Holdings) Plc Timeline

Newswire
December 08 2016

© Proactive Investors 2017

Proactive Investor UK Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use