Rheochem raises new cash to fund costs of Athena discovery
15 March 2010
Rheochem, the oil and gas group that combines oilfield services with its own exploration and production projects, has raised £1.63 million in a share placing priced at 5p per share.
Proceeds from the placing be used for working capital and in particular to meet the company's share of pre-development costs connected to the Athena Discovery project in the North Sea. Government sanction for the Athena project is expected to be received in July this year.
The fundraising follows a move last week by Rheochem to acquire the 50% stake it did not already own in Zeus petroleum – its North Sea operating arm.
Zeus has a 10% interest in Block 14/18b which contains the Athena discovery and is operated by Ithaca Energy. Ithaca announced in February that the Athena joint venture partners had approved the immediate purchase of long lead equipment to initiate the development of the field. It expects to submit an Environmental Impact Statement and Field Development Plan this month, with Government approval anticipated in July.
Zeus also has a 100% interest in Block 14/11 containing the large Metis prospect and a 90% interest in Block 14/26b containing the Thunderball gas discovery. It acts as operator for these two blocks.
Today, Rheochem said it was reviewing its funding options for the Athena project post official sanction. Those options include looking for project development funding, farming-out or selling its exploration and production (E&P) assets, raising new equity funding or demerging its E&P subsidiary with independent funding.
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