Aladdin Oil & Gas Company ASA has succeeded in raising NOK 45 million in the previously announced Private Placement. The Private Placement was at NOK 10,50 per share. The new equity will be used to finance the company’s capital expenditure program at licences in Russia. NOK 40 millions was guaranteed by a consortium of existing shareholders at NOK 10, 50 per share

• The fact that we succeed with the Private Placement in a difficult market tells us that there is a great deal of interests for Aladdin and our plans in Russia, says Espen Glende CEO of Aladdin Oil & Gas Company ASA.

Aladdin Oil & Gas Company ASA published 9 April this year that the company would conduct a private placement of up to NOK 50 million. The proceeds of NOK 45 million from the equity issue will be used in the company’s capital expenditure program which includes further development of the existing fields in Timan Pechora and Orenburg, including drilling of numerous production and exploration wells, development of new infrastructure and continued work over program in Orenburg. In addition the company will commence drilling of the newly identified and highly prospective reef structure in Orenbur. The Company now expects existing licenses to be fully financed.

Tags: Aladdin Oil & Gas Company