30/07/2008
Gulf of Mexico-focused Leed Petroleum has raised £15 million at 60p to develop its Eugene Island project.
Matrix Corporate Capital, broker and nominated adviser to AIM-quoted Leed, handled the funding, by way of a placing and subscription. Louisiana-based Leed will use the proceeds to cut its borrowings and continue its Eugene Island drilling programme, says president and chief executive Richard Wilson.
Entrepreneurial investment group IB Daiwa has a big holding in Leed, which had already sold a 25 per cent stake in the project for £8.2 million to Byron Energy, an unquoted Australian company that introduced Eugene Island to Leed. Another AIM concern, Lonrho boss David Lenigas’s Leni Oil & Gas, recently bought 22.3 per cent of Byron for £11 million.
Floated at 47p a year ago, Leed shares now trade at 64.5p, valuing the company at £162 million.
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