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FOGL raises funds for Falkland basin drilling
May 20 2009 4:06PM
News brought to you by IQPC.Falkland Oil and Gas Limited (FOGL) has announced it has raised £7.6 million to expand drilling operations in local basins.
The drilling firm has issued over 10,000,000 new ordinary shares to raise the funds, which makes up a total of 14.6 per cent interest in the company.
Proceeds made from the fundraising are intended to provide additional working capital to the firm and expand its drilling operations in the south and east Falkland basins throughout 2010 and into 2011.
Funding for new equipment and administrative and other general costs should also be covered by the money, according to the firm.
Tim Bushell, chief executive of the company, said: "I am delighted that institutional investors have shown their support for FOGL's prospects through this placing."
Canadian oil exploration firm CGX recently announced it predicts that drilling offshore Guyana and Surinam will commence in 2010 at the earliest.
The firm was previously expected to begin exploration drilling in July, Stabroek News reported.
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