Prospex Energy plc has raised £2 million through its unsecured convertible loan notes, including £653,950 from an extended offering.
GAS
The overall figure is 25% greater than the initial target of £1.6m, due to strong demand.
Net proceeds will support the company’s onshore gas projects, including expenditure in Italy and Spain.
The company said its current operational costs and overheads are met by income from existing production.
Prospex’s gas extraction assets include interests in the Viura field in Northern Spain and the Selva Malvezzi licence in Northern Italy.
The company has additionally applied for two licences in Poland.