Exploration firm San Leon says it expects its new Turkish acquisition to help fund new projects for 2014 after seeing profits rise slightly for the first half of the year.
The company, which announced a $4million deal to take over Turkish oil firm Alpay Enerji, said it was also planning to raise £31millon through a new share issue.
The first tranche of shares was listed today on the AIM, raising £5.25million.
Profits at the firm, which has fracking operations in Eastern Europe and oil operations in North Africa, rise to EU1.1million for the first six months of the year, up from EU0.79million the previous year.
The company also saw its cash reserves increase significantly to EU11.2million, compared to EU1.8million at the end of last year.
“We have made excellent progress during the period in strategically building a balanced portfolio offering shareholders both high-impact exploration and near-term production,” said chairman Oisin Fanning.
“Our acquisition in Turkey, announced post-period end, will also create significant value for shareholders through generating cashflows from 2014 and allowing us to reinvest profits across core areas of our existing portfolio.”
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