Source - RNS
RNS Number : 6872K
LGO Energy PLC
23 September 2016
 

For Immediate Release

23 September 2016

 

LGO ENERGY PLC

("LGO" or the "Company")

 

£795,000 Placing and

Total Voting Rights

 

LGO today announces that the Company has raised £795,000, before expenses, by way of a placing of 795,000,000 new ordinary shares of 0.05p each ("the Placing Shares") at a placing price of 0.1p per share ("Placing Price") through a stockbroker and company sponsored placement.

The net funds raised by way of the Placing Shares will be used as working capital by the Company, as it continues with its previously announced workover program at the Goudron Field in Trinidad and with preparations for the drilling of new Mayaro Sandstone infill wells.

Neil Ritson, LGO's Chief Executive, commented:

"The Board has felt it prudent to strengthen the balance sheet with a small equity placement which was offered to the Company at a small discount to the mid-market price.

Operations at the Goudron field continue to progress with well GY-668 recently recompleted and now in clean up. Approval has also been granted to work-over GY-288 with work expected to commence immediately."

Application is being made for the admission of the 795,000,000 Placing Shares to trading on AIM and it is expected that this will occur on or around 29 September.  These shares will rank pari passu in all respects with the Company's existing issued ordinary shares.

Subsequent to the issuance of these Placing Shares, the Company will have 7,382,999,626 ordinary shares in issue, with voting rights.

Enquiries:

LGO Energy plc

+44 (0) 20 3794 9230

Steve Horton

Neil Ritson




Beaumont Cornish Limited

+44(0) 20 7628 3396

Nomad


Rosalind Hill Abrahams

Roland Cornish




FirstEnergy Capital LLP

+44(0) 20 7448 0200

Joint Broker

Jonathan Wright

David van Erp

 


Bell Pottinger

+44 (0) 20 3772 2500

Financial PR

Henry Lerwill


 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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