Placing of Shares and Directo

RNS Number : 5995Y

Europa Oil & Gas (Holdings) PLC

24 December 2010

 

Europa Oil & Gas (Holdings) Plc

("Europa" or the "Company")

Placing of New Shares and Directors Dealing

·     Placing to raise approximately £2.75 million to fund near term work programme

Europa Oil & Gas (Holdings) Plc, the oil and gas explorer and producer, announces that it has raised approximately £2.75 million (before expenses) through an institutional placing through its broker finnCap of 18,339,333 new ordinary shares of nominal value of 1p each in the Company (together the "Placing Shares") at a price of 15p per ordinary share (the "Placing").

The proceeds from the Placing will be utilised to fund the Company's 2011 work programme, including:

1.    the anticipated sidetracking and testing of the Barchiz-1 well in Q1

2.   appraisal drilling on the Voitinel gas field,

3.   the planning phase of the high impact Berenx-3 well and

4.   production stimulation work on the Crosby Warren oilfield.

The Placing has been performed under existing share allotment authorities, and the Placing Shares equate to approx 15.9% of the enlarged issued share capital of the Company following completion of the Placing.

Application has been made for the Placing Shares to be admitted to trading on AIM and admission is expected at 8.00 am on 7 January 2011.

Following admission to trading on AIM of the Placing Shares, which will rank pari passu in all respects with the existing ordinary shares in issue, Europa's total issued and voting share capital will comprise  113,906,730 ordinary shares ("Enlarged Issued Share Capital"). This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, securities of the Company.

Erika Syba, the wife of Paul Barrett, has agreed to subscribe for 25,000 Placing Shares in the Placing.  Following the Placing, Paul Barrett will be interested in 17,853,981 ordinary shares representing 15.67% of the enlarged issued share capital.

Paul Barrett, Managing Director of Europa, said "We are pleased at the level of support from the market for this fundraising and look forward to utilising these funds to add significant shareholder value in the coming months."

Further information:

Europa Oil & Gas                                   Tel: [phone]

Philip Greenhalgh / Paul Barrett            

finnCap                                                   Tel:  [phone]

Sarah Wharry, Corporate Finance          

Ben Thompson, Corporate Finance        

Stephen Norcross, Corporate Broking    

 

END

 

 

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