Eland Oil & Gas PLC: Business description, financial summary, 3yr and interim financials, key statistics/ratios and historical ratio analysis.
Provider: Reuters Investment Profile
Provider: Thomson Reuters Stock Report
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Eland Oil & Gas PLC Announces Placing of New Ordinary Shares of GBP118 Million; Completion of Acquisition of OML 40, Nigeria
Eland Oil & Gas PLC announced the completion by its Nigerian joint venture company Elcrest, of the purchase of licence OML 40 and the placing of new ordinary shares (Placing Shares) in the capital of the Company with investors (the Placing) to raise gross proceeds of GBP118 million. Eland announced the admission of all of its ordinary share capital (including the Placing Shares) to trading on the AIM market of the London Stock Exchange PLC (Admission) at 08.00, symbol ELA. The Company also announced that it has secured a facility of $22 million with Standard Chartered Bank (the Facility Agreement) and equity option agreements with two key investors of GBP10 million each. The net proceeds of the Placing together with other available financing will be applied to pay the outstanding balance for the acquisition of OML 40, increase Eland's economic interest in OML 40, re-commission existing infrastructure and restart production and provide working capital for the current 2P development of OML 40.
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