Chaired by John Craven, one of the driving forces behind the huge success of Cove Energy, it has unconventional oil and gas assets in Australia, South Africa and Hungary and has negotiated a series of truly blue-chip partnerships.
In day-to-day control of the business is chief executive Philip O’Quigley, who before jumping ship was with Providence Resources, which struck Ireland’s first commercial oil last year.
The group has raised US$25mln, US$10mln of which will be used to repay debentures due in June.
A total of US$5mln has been set aside to meet the group’s work commitments, leaving US$10mln for “general corporate purposes”.
O'Quigley said: “We are pleased to offer our new and existing investors an opportunity to grow with us as we seek to realise the value potential within our diversified and large acreage positions in Australia, South Africa and Hungary.”
The share placing was completed at 14 pence a share, with the stock changing hands for 15.5 pence in early deals.