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.”
|
Relevant Companies
For more company information click below:
Headlines
17 March 2010
17 March 2010
17 March 2010
17 March 2010
17 March 2010
17 March 2010
17 March 2010
17 March 2010
16 March 2010
16 March 2010
16 March 2010
16 March 2010
16 March 2010
16 March 2010
16 March 2010
16 March 2010
16 March 2010
16 March 2010
15 March 2010
15 March 2010
15 March 2010
15 March 2010
15 March 2010
15 March 2010
15 March 2010
15 March 2010
15 March 2010
15 March 2010
15 March 2010
15 March 2010
12 March 2010
12 March 2010
12 March 2010
12 March 2010
12 March 2010
12 March 2010
12 March 2010
12 March 2010
12 March 2010
12 March 2010
12 March 2010
11 March 2010
11 March 2010
11 March 2010
11 March 2010
11 March 2010
11 March 2010
11 March 2010
10 March 2010
10 March 2010
» See all News
Features
16 March 2010
15 March 2010
12 March 2010
11 March 2010
08 March 2010
05 March 2010
05 March 2010
03 March 2010
03 March 2010
02 March 2010
02 March 2010
26 February 2010
25 February 2010
23 February 2010
22 February 2010
19 February 2010
» See all Features
Round-Ups
12 March 2010
12 March 2010
05 March 2010
05 March 2010
28 February 2010
26 February 2010
26 February 2010
21 February 2010
19 February 2010
19 February 2010
14 February 2010
12 February 2010
12 February 2010
05 February 2010
29 January 2010
29 January 2010
Popular
16 March 2010
15 March 2010
17 March 2010
17 March 2010
17 March 2010
16 March 2010
17 March 2010
16 March 2010
16 March 2010
17 March 2010
08 December 2008
10 March 2010
12 March 2010
16 March 2010
17 March 2010
28 January 2010
|