The Mongolia-focused oil explorer this morning confirmed it had completed what was described as a successful and significantly oversubscribed share placing.
"I am very pleased to announce the successful completion of this oversubscribed placing with new and existing institutional shareholders and I would like to thank them for their support,” said Mike Buck, Petro Matad chief executive.
“Petro Matad is now well capitalised to execute a six well exploration drilling programme during an active and exciting twelve month period.
Buck added: “This is the most significant exploration campaign in Mongolia for a number of years and I look forward to reporting on its progress once it kicks off in July 2018 with the spudding of the Snow Leopard-1 well."
A total of 136.8mln new shares were sold to investors at a price of 10p each to raise some £13.7mln of gross proceeds. The newly created equity represents some 26% of the company’s previously existing share capital.
Petro Matad shares were down 1.72p, 13.39%, changing hands at 11.13p.