SDX Energy, an Egypt focused exploration company, said it hopes to raise $11million via a private placement and is to float on the London Alternative Investments Market.
The company, already listed in Toronto, has exploration and development licences in Egypt and Cameroon. It has placed 42.2 million shares at 18 pence per share with existing shareholders, new institutional investors and directors and senior management.
The proceeds will be used to back a work programme to ramp-up production through a workover programme on Meseda concession in Egypt.
The company’s common shares are expected to commence trading on or around May 20.
Chief executive Paul Welch, said: “The new funds raised will enable us to execute a near-term work programme on our Meseda asset which has the potential to double production. The funds will also go towards a 3D seismic programme on South Disouq, our high impact exploration license onshore Nile Delta, where we will be fully carried on a well later this year.”