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Leed Petroleum raising £20m

Article Date: Nov 06 2009

Gulf of Mexico-focused Leed Petroleum is raising £20 million at 5p to develop its projects and pay down bank debt.

Based in Louisiana and quoted on AIM, the company says the placing proceeds will help accelerate drilling four development wells and reduce outstanding debt owed to German bank HVB. Floated at 47p two years ago, Leed shares now trade at 6.8p, down 3p this morning, valuing the company at nearly £19 million.

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Leed Petroleum raising £20m

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