Angus Energy reports it has raised £1.5m in a placing of 150 million ordinary shares.
The company, which operates the Balcombe oil site in West Sussex and the Saltfleetby gas field in Lincolnshire, said the money would advance its current assets and be used for general working “capital purposes”.
The fundraising increases the number of ordinary shares in Angus to more than 916 million.
The placing, announced on 27 January, was accompanied by the issue of a warrant to subscribe for one ordinary share for each placing share, exercisable at any time for up to two years.
The share price fell from 1.50p to 1.08p on the news but later recovered slightly to close the day at 1.11p.
Angus Energy is seeking planning permission for an extended flow test on the well drilled by Cuadrilla at Balcombe in 2013. The application is not due to be considered at the February meeting of West Sussex County Council’s planning committee. The next scheduled committee meeting is on 2 March 2021.
At Saltfleetby, Angus announced earlier this week that it had appointed lawyers to handle a £12 million loan from Aleph Energy Limited. The four-year facility will fund the re-start of production at the field and the development of a geothermal project off the site.
Angus also said almost all elements of the procurement and engineering scheduled had been advanced. Deposits had been made on compressors, two generators and the flare stack. Final quotes had been received on other items. Two former employees of the field are to return.
At the Brockham oil site in Surrey, Angus is waiting for a decision from the Environment Agency on whether it will be allowed to reinject formation water.