Sky Petroleum to raise USD 2mn in private placement to finance Albanian ops.

By bne IntelliNews October 13, 2011
US-based mineral exploration company Sky Petroleum has arranged a non-brokered private placement seeking to raise up to USD 2mn to finance the development of three exploration blocks in southern Albania, the company said in a press release. The company will issue 8mn Class A units at a price of USD 0.25 each. Each unit includes a common share and one-half warrant. Sky Petroleum delivered in August 2011 a USD 1.5mn bank guarantee to Albanias National Agency of Natural Resources (AKBN) as part of its production sharing contract for exploration on the three blocks. Their total oil-bearing potential is estimated at some 900mn barrels of oil equivalent. The company plans to commence drilling operations in Albania in 2012.

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