Red Emperor Resources (LON:RMP, ASX:RMP) is raising £4.09 million in a placing to provide additional funds for the current exploration programs in the Puntland Region of Somalia and in Georgia.
Fox-Davies Capital in the UK and Max Capital n Australia will place 37,178,123 new ordinary shares at 11 pence and 17 cents per share, respectively.
Executive Director Greg Bandy said: "This is a very exciting time for our company as we are funded to drill major transformational prospects in Puntland and a second well in Georgia, both expected to spud in January.
“The additional funds raised in the placing will allow Red Emperor to commit to a second well in Puntland, should we choose to do so, as well as provide us certainty about our future beyond these two major wells,” he added.
In the Republic of Georgia, Red Emperor has a 20 percent working interest in onshore blocks VIa and VIb, which cover around 6,500 square kilometres.
Its JV partner Range Resources (ASX:RRS, LON:RRL) last year funded a 410 kilometres 2D seismic program there with independent consultants RPS Energy identifying 68 potential structures containing an estimated 2.045 billion barrels of oil in place (on a mean 100 percent basis).
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