New Zealand-focused Kea Petroleum has suspended its shares after a fundraising exercise failed.
The company, which has operations in the Taranaki basin, said it had requested the suspension after failing to secure £3m of funding to develop its Shannon prospect.
The group said it hoped to clarify its financial position, adding: “As announced previously, the company’s working capital remains tight and is reliant on the company raising further funds.
“The company continues to negotiate with parties on the potential farm-in of its assets as part of its previously announced strategic review. Further announcements will be made in due course.”
Recommended for you
