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The share placement exceeds Indago’s initial expectation of raising about £57 million and will see the company valued at £187 million at the time of listing. Mirabaud Securities is Indago’s broker.
Indago’s successful fundraising — its core assets are two prospective but unproven gasfields in Oman and the United Arab Emirates — coincides with new research showing that investors had ploughed more than £620 million into the AIM oil and gas sector in the nine months to September 30.
Indago’s fundraising is not included in the figure and is likely to propel the full-year total significantly past the 2004 sum of £702 million.
Indago plans to use the new funds raised to pay back loans to Meridian Oil & Gas, a 43 per cent shareholder, and drill its prospective gasfields. The company’s focus is on the Hagil (UAE) and Jebel Hafit (Oman) onshore gas prospects.
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