South America-focused exploration firm President Energy has raised £30.7million through the placing of shares to fund its exploration programme in Paraguay.
More than 87million new ordinary shares have been placed with new and existing investors as part of the firm’s bid to finance its drilling plans.
“I am pleased with fully exercising the upsize facility as a result of an oversubscribed placing. The placing will significantly strengthen our financial position and allow us to progress our expanded exploration activities this year,” said chairman Peter Levine.
“This is another milestone for the company and a major step forward as we look to grow the business. We now have considerably more opportunities as a result of our work over 2013, and we look forward to the 2014 drilling campaign in Paraguay.”
Earlier last month, the firm procured a rig for its drilling programme in Paraguay, with the first well set to be spaded in May this year.
While in November last year, the company awarded Schlumberger an 18-month contract to oversee its drilling services in the country.
Recommended for you
