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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.

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