Northcote Energy in £450,000 placing

Northcote Energy said it has raised £0.45m by issuing 1.43m new shares at a placing price of 0.0315p each to spend on general working capital and fund certain growth initiatives, including potential participation in opportunities with MX Oil in Mexico and Andalas Energy & Power in Indonesia.

Northcote managing director Randall J Connally said: "We are encouraged by the support of the market at this key time in the development of our company."

"With continued development activities at the Shoats Creek Field being funded from proceeds of the recently announced transactions, this placing will give the company a strong liquidity position and flexibility to further other initiatives or potentially participate in opportunities available to Northcote pursuant to the participation agreements we have with MX Oil in Mexico and/or Andalas Energy & Power in Indonesia.”