Kea Petroleum suspends shares after failing to raise sufficient capital

Oil and gas group Kea Petroleum has suspended trading in its shares after failing to secure bids totalling £3m via the PrimaryBid.com crowdfunding platform.

Earlier in May, the New Zealand-focused group said it had extended the deadline on its fundraising to 22 May as the amount of bids it had secured by then amounted only to £1m.

However, having now failed to raise £3m after placing shares on the crowdfunding platform at 1p each and with constraints on its working capitals, the company has requested a suspension of trading in its shares.

The group said it will continue to negotiate on the potential farm-in of its operations as a part of its strategic review.