Ithaca Energy today confirmed it would issue an additonal 358,331 common shares in the company.
The North Sea operator has applied for these to be admitted to trading on AIM. Admission of the newly issued Common Shares is expected to occur on 8 December 2016.
Following the issue and allotment of the new common shares, the company will have a total of 412,142,376 common shares in issue with one voting right per common share.
The admission of shares comes days after Ithaca’s chief executive vented his frustration about the delay of first oil from its flagship Greater Stella Area development in the North Sea.
At the time, Les Thomas said: “Although any delay to start-up at this stage is frustrating, the value of a thorough inspection programme has been proven and we look forward to completion of this work and the imminent start-up of production.”
Read more about the delay here.
The total number of common shares under option is now 25,369,805, representing approximately 5.8% of the total shares outstanding and under option.
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