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23 January 2014

Charles Russell successfully completes an AIM placing and open offer

This article was written prior to the formation of Charles Russell Speechlys, through the merger between Charles Russell and Speechly Bircham.

The Charles Russell Energy & Natural Resources and Capital Markets teams are pleased to have advised long standing client, Europa Oil & Gas (Holdings) plc ("Europa"), the AIM-listed oil and gas exploration and production company, on its recently completed £4m equity fundraising.

Announced on 20 December 2013, the fundraising was structured as a cash box Placing to institutional investors and an Open Offer to existing shareholders. The Placing raised c.£3m and the Open Offer, which was significantly over subscribed and closed on 17 January 2014, raised a further c.£1m. The funds will be used to further the company's exploration activities across its portfolio, in particular its assets at Kiln Lane and Wressle in the UK, Berenx Shallow in France and offshore Ireland.

Speaking of the Placing and Offer, Hugh Mackay, Europa chief executive, said: "This is an important result for us and Charles Russell provided excellent support throughout the process. Their knowledge of the oil and gas industry, coupled with their Capital Markets expertise, ensured that all details were covered and we can now progress with our planned work programmes.”

The Charles Russell team was led by Corporate Finance partner Mark Howard, supported by Associate, David Hirschman, and Trainee Solicitor, Oliver Davidson.

Lead Partner at Charles Russell, Mark Howard, added: "We are extremely pleased to have advised Europa on this Placing and Open Offer. Since revenues generated from Europa’s existing production cover their corporate overheads, the majority of the proceeds of the Placing and the Open Offer will be invested in exploration activity across its portfolio. We are pleased to have been involved in securing a successful result for the company."