Petrel Energy Limited has completed an equity capital raising of $3 million. The capital raising will fund Petrel's continued work programme in Uruguay and Spain. The funds will allow Petrel to complete the current core hole programme and the seismic programme scheduled for the second quarter 2014 and in Spain the farm-out of its Tesorillo project in first quarter 2014.
The well received placement will see Petrel issue 22,222,222 new, fully paid, ordinary shares at a price of $0.135 per share.
Managing director, Mr David Casey, said 'We are always pleased to have new investors on board and are encouraged by the significant support we received from existing shareholders, as well as from new investors, including domestic institutions. The funds raised, with dilution of 5.3%, will allow Petrel to realise 3 key milestones in 2014'.