"Also returning from suspension were shares in Netcentric Systems (NCS), which said it had agreed to buy The Oil Mining Company through the issue of 200 million new ordinary shares, valuing the group at 5 million pounds at the placing price of 2.5p and approximately 2.05 million pounds based on the closing mid-market price of 1.025p on 29 June. The company said it was raising up to 1,280,950 pounds before expenses through the placing of 51,238,000 new shares, with the net proceeds of the placing would be used to fund the acquisition of producing oil wells and proven shallow drilling prospects in the US with the balance used for working capital. The Oil Mining Company holds two State of Utah oil shale leases comprising approximately 2,918 acres in the Green River oil shale formation and which are estimated to contain some 230 million barrels of oil. Shares in Netcentric Systems rose 1.75p to 1.875p."
