Hugh Mackay, chief executive of Europa Oil & Gas (Holdings) PLC (LON:EOG), tells Proactive London's Andrew Scott they're looking to raise up to £5mln to fund their Irish Atlantic Margin projects and also a new venture in Morocco.
A firm placing will provide £4mln at 3p per share while existing shareholders can subscribe up to another £1mln through an open offer at the same price.
Europa has exploration licences off the west coast of Ireland, where it is currently negotiating farm-in agreements with a major international oil and gas company over three of these - LO 16/20, FEL 1/17 and FEL 3/13.
