Oil exploration firm Chrysaor says it has agreed terms for a £117million equity investment to fund its operations off the Scottish and Irish coasts.
The Banchory-based company said it would use the equity to finance the operations in Quad 35, off the West of Ireland, and select acquisitions.
The money has been raised through a combination of new and existing shareholders, along with investment by senior management.
“We are very pleased to have successfully secured material further funding in what remains a difficult environment for E&P companies trying to raise capital,” said chief executive Phil Kirk.
“The new investment firmly endorses the team track record and the potential within our exciting portfolio. It also puts us in a very strong position to take advantage of acquisition and development opportunities as they arise.”
Chrysaor are set to take over operation of the Solan oil field, west of Shetland, and is also evaluating commerical possibilities for the Phoenix gas field in the Moray Firth basin.
In May it announced a 38% farmout deal with Cairn Energy for the Spanish Point licence.
In the wake of the new investment, Chrysaor confirmed that John Hogan and Bob Edwards have joined the board as non-executive directors.
Edwards is currently managing director of energy private equity firm Natural Gas Partners, while Hogan is chairman of Hurricane Energy and Celtique Energie.
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