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.
FTSE AIM All-Share
728.67
15:45 15/11/24
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Kea Petroleum
1.15p
16:24 26/11/15
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Oil & Gas Producers
8,043.72
15:45 15/11/24
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105.17
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.