West Africa-focused Savannah Petroleum has today begun trading on the junior London Stock Exchange under the ticker AIM:SAVP.
The placing of 52.3million new ordinary shares has raised around $50million for the company at 56p a share.
The number of ordinary shares in issue immediately after admission will be 131,337,172 giving the company a market capitalisation of $124million at the placing price, Savannah said in a statement.
The company is looking to use the new cash flow to fuel its planned exploration programme, which includes the acquisition of full tensor gravity and significant seismic surveys over the R1/R2 production sharing contract area in Niger.