JKX raises USD 61 mln via share placement

JKX Oil & Gas (LSE: JKX LN) announced yesterday that it completed the placement of 14,257,270 ordinary shares at 265 pence per share with institutional investors to raise GBP 37.8 mln (USD 61 mln). JKX said it plans to use proceeds to accelerate the development of existing 2P reserves, continue its well workover program in Russia, and optimize production facilities in Ukraine where it plans to build a USD 11 mln LPG facility. The company reported that admission of the new shares for trading on the London Stock Exchange was expected on January 29.