Heading: PetroNor E&P Limited raises ~NOK 51 m in Subsequent Offering
Arctic Securities AS acted as joint manager and bookrunner for the Subsequent Offering in PetroNor E&P raising ~NOK 51 million. We congratulate the company on passing another corporate milestone. The placement was targeted at existing shareholders that were not able to attend the private placement in March where the company raised NOK 340 million of new equity. The Private Placement generated ~NOK 187 million in cash and ~NOK 153 million as in-kind consideration for the acquisition of an increased interest in its main asset PNGF Sud. The net cash proceeds from the Private Placement will be used to finance drilling of infill wells and other increased oil recovery initiatives on PNGF Sud.