By Ian Walker
Longboat Energy Ltd. said Thursday that it has now raised 35 million pounds ($49.4 million) via a share placing at 75 pence a share, the bottom of the pre-set range.
The London-listed energy company has placed 46.7 million new ordinary shares at the placing price. It said Wednesday that the price range was set at 75 to 80 pence a share.
The company said on June 1 that it had agreed on three separate deals to buy a gas-weighted exploration drilling portfolio on the Norwegian Continental Shelf, and that these would be part-funded through a GBP35 million bookbuild equity issue.
Longboat said earlier this month that the deals--which are structured as three separate farm-in transactions and classified as a reverse takeover under London Stock Exchange rules--have significant resource potential.
Seven wells are expected to be drilled in the next 18 months, with drilling expected to begin at the first well in the third quarter, the company said at the time.
Shares were suspended on June 1 as required under this type of deal.
Write to Ian Walker at ian.walker@wsj.com
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June 10, 2021 at 02:22PM
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Longboat Energy Raises GBP35M via Share Placing; Issue Price at Bottom of Range - MarketWatch
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