Sound Energy PLC (LON:SOU) has raised net proceeds of approximately US$14.25mln from a placing of new shares to be used to strengthen the company's cash position as it initiates its high impact three well exploration programme.
The Moroccan-focused upstream gas company said 30,829,308 new ordinary shares were placed with investors at a price of 37p each.
The AIM-listed firm’s shares closed trading on Friday at 39.98p.
Sound Energy PLC revealed on Friday that a new basin modelling study it had commissioned suggested the possibility of a “potentially significant oil play” at its Anoual permit area in eastern Morocco.
That is in addition to the 5.5 trillion cubic feet (Tcf) of gas Sound has already identified at the site.
The explorer said it is acquiring and processing further 2D seismic data over the area, which is now being evaluated as a candidate for the planned third exploration well (TE-11).