Mosman Oil and Gas raises £3m to expand exploration programme

20th Jun 2014 08:17

Mosman Oil and Gas has raised around £3m after placing 13.04m shares at 23p each, prompting a drop in the share price on Friday morning.The funds will be used to increase the exploration programme at the Petroleum Creek Project in New Zealand, with the addition of a potential fourth and fifth exploration well and acquiring seismic in 2014.Mosman explained that the additional wells will be focused on previously identified and confirmed targets. Executive Chairman John Barr said: "We are delighted with the response by investors who have strongly supported the fund raising which provides a robust financial base for the company to invest in the development of its current assets, particularly on its Petroleum Creek Project and also accelerate Mosman's strategy to broaden its portfolio of assets."Shares had dropped 16.7% to 27.28p by 08:30. NR