Afentra (AIM:AET) raised gross proceeds of approximately US$40 million through a placing and a further £2 million via an oversubscribed WRAP Retail Offer.
The equity raise comprised 22.62 million firm placing shares, 1.7 million conditional shares and 2.99 million shares via the WRAP Retail Offer on the same terms.
Afentra, an upstream oil and gas company focused on acquiring production and development assets in Africa, said the WRAP Retail Offer and the conditional placing are conditional on admission to trading on AIM.
The company intends to convene a shareholder meeting expected to be held on or around 25 June to approve the equity issue.
Accelerate opportunities
The junior oil and gas firm, upon announcing the placing, told investors it was in a strong position to deliver its near-term growth plan, which aimed to double production to approximately 13,000 barrels per day by 2028.
But, added that it has "a much larger opportunity" that it said can be accelerated to deliver growth and value accretion.
In particular, it pointed to follow-up drilling activity and workovers, new drilling, near-field developments and fresh exploration.
Now, it intends to use the proceeds of the equity raise to accelerate these growth activities and enhance strategic flexibility.
