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Sintana Energy Raises $11.5 Million Via Share Placing, Subscription

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Sintana Energy (SEI.L) said Monday it conditionally raised $11.5 million through a placing and subscription of up to 49,565,690 new common shares at 0.225 pound sterling per share.

The oil and gas company will use the proceeds to finance its share of costs for the Chevron-operated Nabba-1 exploration well in Namibia's PEL 90 on the neighboring block to Mopane. Funds will also support the completion of Sintana's acquisition of interests in PEL 37 in the Walvis basin and the KON-16 licence in the Angolan Kwanza basin, as well as its share of work costs on the block.

A portion of the proceeds will also be used for general corporate purposes.

The new shares are scheduled to begin trading on the London stock exchange's AIM segment and the TSX-V on May 27.

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