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Gold Oil

  • BY: Andrew Hore |
  • POSTED: 24/01/2013 |

Latin America-focused oil and gas company Gold Oil has returned from suspension having raised £2.09m at 0.75p a share – a huge discount to the suspension price.

The Gold Oil share price almost halved on the back of this placing, which was done as a cashbox placing so that shareholder approval was not required.  At 1.54p a share, down 1.44p, Gold Oil is valued at £13.7m.

The cash is required to pay creditors and to develop the company’s interest in the Nancy-Burdine field in Colombia. Gold Oil wants to increase its stake in the field from 60% to 81.6%. The company is talking to potential partners for Block Z-34 in Peru.

William Colvin is joining the board as a non-executive director. Colvin has the same role at Energy XXI and InfraStrata.

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