African Petroleum: Fundraising

African Petroleum has raised $3.1m in a private placement on the Oslo Axess junior market.The placement raised NOK26,675,000 in gross proceeds through the allocation of 10,670,000 shares at a subscription price of NOK2.50/share.African Petroleum chief executive Jens Pace said the proceeds would be used to strengthen the company’s balance sheet and liquidity position while it works towards completing farm-out transactions:“The proceeds will also help us prepare for the exciting and approaching spudding of the exploration well with Ophir Energy in Q2 2017 on the CI-513 Block in Côte d’Ivoire.