Extra cash: for Victoria
Victoria bumps up cash base
AIM-listed Victoria Oil & Gas said today it has boosted its cash supply by over £10 million ($16.3 million) through a two-tranche equity placement and by increasing an existing loan agreement.
The company raised £5.1 million through the placement and increased its Standby Equity Distribution Agreement from £5 million to £10.
“This funding package, which marks the completion of the funding exercise begun earlier in April, will be used to drill the first well and generate first production at the Logbaba project in Cameroon,” said Victoria in a statement.
“The drilling rig for Logbaba is secured and scheduled to be on the water to Cameroon before the end of this month and drilling is scheduled to commence 60 days from then,” said company chairman Kevin Foo.