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.
Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

Albania calls tender for supervision of sewerage project.

Albania has called a tender to select a company to supervise the construction and supplies for a sewerage system and waste water treatment plant in Velipoja area, the European Commission informed ... more

Albania's govt approves changes in concession agreement for Devoll project.

The Albanian government has approved changes in the concessionary agreement for the Devoll Hydropower cascade, which formally enables Austrian EVN to exit from the project, the cabinets press ... more

Albanian parliament panel endorses EUR 12.7mn EBRD loan for dam safety project.

The economy and finance committee of Albanias Parliament has approved a EUR 12.7mn loan from the European Bank for Reconstruction and Development (EBRD) to be used to fund a project for upgrading ... more

Follow Us On

Most Read

  1. Ukraine's birth rate plummets to 300-year low as country’s population collapses
    7 days ago
  2. EU finally boosts defence investment into arms production as Ukraine runs out of ammo
    1 month ago
  3. Fresh evidence suggests that the April 2022 Istanbul peace deal to end the war in Ukraine was stillborn
    7 days ago
  4. Don't mention the "D" word - Ukraine
    5 days ago
  5. UBN: The US Needs to Wake Up
    5 days ago
  1. Russia could pay off its entire external debt tomorrow, in cash
    25 days ago
  2. Speculation swirls of “Men in Blue” in Crocus City Hall terrorist attack linked to FSB
    30 days ago
  3. Albanians campaign on social media to keep bus bridge created in freak accident
    1 year ago
  4. BRICS announce a blockchain-based payment system to create a common currency
    28 days ago
  5. Saudi Arabia to scale back plans for Neom city
    15 days ago

Reports

Dismiss