Kea Petroleum completes £7 million equity placing

AIM listed oil and gas exploration company, Kea Petroleum plc (“Kea”), announced that it had successfully raised gross proceeds of £7 million through the issue of 87,500,000 new ordinary shares at an issue price of 8 pence per share, representing 16.0% of the Company's current issued share capital. The proceeds of the Placing will finance the drilling and testing of an additional two wells in the Puka area and the completion of 50km2 of 3D seismic over the area. The seismic will help locate further appraisal and development wells at Puka with the objective of increasing production. Fasken Martineau advised Kea in this transaction with a team comprising David Smith (corporate), assisted by Peter Rhodes (corporate) and Vhari Storwick (corporate).