The company set out to raise £6.9mln through the offer in April and it subsequently extended the deadline to May 18. In a stock market statement after Wednesday’s close it confirmed that qualifying shareholders elected to take up some 750mln new shares, representing around 38% of the shares offered.
The shares were offered at a price of 0.35p each.
It also said that stockbroker Shore Capital will now proceed to place the balance of the shares that were made available in the open offer. It will be executed as an accelerated book-build process, closing at 8:00am today. The placing is not underwritten.
The company launched the open offer funding in April as it announced a rebranding to Challenger Energy Group and a refocussing on production-led growth, with the initial work prioritised in Trinidad.
Eytan Uliel, currently commercial director, will become the company’s new chief executive and Simon Potter is to transition to a non-executive director role, effective from May 20.
A week ago, the company highlighted that preparation for the Saffron-2 appraisal and development well in Trinidad continue to “advance at pace”.
Rig mobilisation to the Saffron-2 well site was completed and the rig was being assembled, ahead of a scheduled May 23 spud-date. Once underway is it expected that the drill programme will last for 25 to 30 days.
Story by ProactiveInvestors
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