Charles Russell Speechlys advises Europa Oil & Gas (Holdings) plc on placing and open offer
Charles Russell Speechlys has advised long standing client, AIM-listed Europa Oil & Gas (Holdings) plc, on its placing to raise £4 million (and open offer to raise up to a further £1million). The placing was to new and existing institutional and other investors.
Europa, the UK and Ireland focused oil and gas exploration, development and production company, will use the funding to support the company’s near-term work programme, new venture opportunities and working capital. In particular, the proceeds of the placing will fund ongoing planning, surveying and other pre-drilling licence development costs associated with the Company's assets offshore Atlantic Ireland to aid the Company in securing suitable farm in partners. In addition, net Open Offer Proceeds will be used, if sufficient, to fund the purchase of further 3D seismic survey data.
Hugh Mackay, CEO of the Company commented: "We are delighted to have completed a fully subscribed Placing and are pleased to welcome new institutional investors as significant shareholders in Europa. The funds raised will enable the company to continue to advance its high impact exploration portfolio in Atlantic Ireland and in particular to bring our high-graded prospects to the point of being ready to drill."
Phil Greenhalgh, CFO of the Company commented: “The team at Charles Russell Speechlys yet again provided us with excellent legal support and guidance on this critical fundraising. Their technical legal knowledge and understanding of Europa’s assets and business plans ensured a smooth and successful process.”
Mark Howard, corporate partner, commented: “We are delighted to have advised Europa on this fundraising. Atlantic Ireland is entering a new drilling phase and the funds raised will help Europa become part of that.”
The Charles Russell Speechlys team was led by corporate partner, Mark Howard, and included senior associate Tom Smitham and associate Emily Dobson.