Borders & Southern Petroleum PLC - London-based independent oil and gas exploration - Raises $1.8 million, around £1.4 million, through an oversubscribed open offer of 103.9 million shares for 1.3 pence each, following the raising of £600,000 through a subscription of 69.2 million shares.

Open offer’s size was originally intended to be up to $1.2 million. Proceeds from the fundraising will go towards enabling the company to explore the best options for appraising and developing its Darwin gas and condensate discovery.

Current stock price: 2.10 pence, up 14%

12-month change: up 67%

Copyright 2022 Alliance News Limited. All Rights Reserved.