Europa has raised £1.5m before expenses through the placing of 115.4 million new shares at 1.3p per share with new and existing investors. These new funds will be used to improve recovery rates from the company’s UK onshore oil fields and also to advance Europa’s strategy to farm down its high impact exploration interests in Morocco and Ireland.
The company has also earmarked cash to identify and evaluate the potential acquisition of a new appraisal/development asset which will provide the opportunity to improve the balance within Europa’s overall licence portfolio.
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