Brian Reinsborough, President & CEO was interviewed regarding the Company锟絪 successful financing. The interview can be viewed at ReconAfrica - Media
Yesterday, the Company announced that the previously announced financing has been closed at $36.8 million, upsized and oversubscribed from the original offering. Management and the Board of Directors take this oversubscription as a strong signal of support for the Company锟絪 plans to pursue a multi-pronged parallel path of accelerating value across the Company锟絪 portfolio.
This activity includes:
Production testing at KW1X;
Selecting, preparing and spudding an appraisal well at Kavango;
Planning and commissioning geophysical work in the MOU area of Angola to test the extension of the Damara Fold Belt play;
Reprocessing seismic, commissioning a 3rd party resource report and selecting an appraisal well location to the Loba discovery offshore Gabon;
And the working capital requirements to fund these operations for the year.