Mongolia-focused oil explorer Petro Matad has completed a $16m share issue, allowing it to fund up to four new wells.
New shares in the company were issued at 6.5p each, representing an 11.5% discount to the average daily volume weighted average price for the three months to January 18.
"I am pleased to announce the completion of this significant, oversubscribed fundraise; through the support of new and existing shareholders we are targeting a substantial and unprecedented exploration campaign for an independent E&P company in Mongolia," chief executive Mike Buck said.
"We are uniquely placed in Mongolia; with an extensive acreage position and large resource range and with the access to a suitable rig, the 2018 drilling campaign will allow us to unlock the prospectivity in a timely and economic fashion, providing near term catalysts and longer term value."
At 1:03pm: (LON:MATD) Petro Matad Ltd share price was -1.38p at 7.75p