Meridian Petroleum closes fundraising ahead of strategy shake-up
30 November 2009
Meridian Petroleum has closed a £6.9 million fundraising which is being used to re-launch the company under a new strategy and new name, President Petroleum Company plc.
The majority of the new cash – £5.6 million – is coming from Levine Capital Management, the investment fund run by Peter Levine, the founder and former chairman of Imperial Energy Corp. The balance is coming from an open offer for shares with Meridian’s existing shareholders.
In addition, Macquarie Bank is standing by its existing US$50 million debt facility – US$35 million of which is earmarked for acquisitions.
Meridian has producing assets in the US and exploration licences in Australia, but is planning a strategy shake-up in order to boost its reserves and resources. The company is aiming to become a mid-cap exploration and production company by acquiring critical mass and a strategic presence in key areas of interest, including Asia, Africa and Europe.
Stephen Gutteridge, Meridian’s chairman, said: “We are delighted with the response to our capital raising from institutional investors and particularly from our large base of private investors.”
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