Falkland Oil and Gas Ltd (AIM: FOGL) said it has conditionally raised £7.6 million before expenses through an issue of 10,448,099 new ordinary shares with new and existing institutional investors and certain directors of the company at 73 pence per share.
The money will be used to provide additional working capital to fund long-lead drilling equipment and general and administrative costs through 2010 and into 2011. FOGL expects to raise the additional capital required to fund the company's share of the drilling programme through a further farmout and/or equity issue in due course.