Aim's Victoria Oil raises 13 million in placing
Thu Dec 29, 2005 7:42 AM GMT
LONDON (Reuters) - Oil and gas developer Victoria Oil & Gas, which saw its share price triple in a week in November on a major Russian gas find, said on Thursday it had raised 13.1 million pounds in a placing that was two-and-a-half times oversubscribed.
The company, which is listed on London's junior Alternative Investment Market, said it had placed 16.85 million shares at 78 pence each with institutional and other investors.
Victoria's Chairman Kevin Foo said the placing would allow the company to maintain momentum on key projects.
Shares in Victoria Oil & Gas Plc (VOG.L: Quote, Profile, Research) closed at 114-1/2 pence on Wednesday, valuing the company at 96.5 million pounds.
Shares in the energy minnow doubled on November 17 and tripled in the space of a week after Victoria said an independent appraisal of its West Medvezhye gas field showed the deposit contained at least 500 billion cubic feet of recoverable gas reserves.
The appraisal showed the reserves could be as much as 2.3 trillion cubic feet, which would be equivalent to about 13 percent of the total proven natural gas reserves in the North Sea and other parts of Britain, on the basis of figures from the BP Statistical Review of World Energy.
West Medvezhye dwarfs Victoria's other development projects, the Kemerkol and Tamdykol blocks in Kazakhstan.
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