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Medoil in £3.25m placing

Article Date:  Mar 03 2006

Tunisia and Malta-focused energy explorer Medoil has raised £3.25 million at 18p and is probing opportunities in Italy and Albania.

AIM-quoted Medoil, which lost £256,000 in the year to September, has impressed investors sufficiently to seek this new money at more than twice the 7.5p at which the company raised £1.2 million on the eve of its flotation in January 2005. Medoil, which in May won a prospecting permit for offshore Tunisia and an exploration study permit for offshore Malta, ended its financial year still with £930,000 in the bank.

Chief executive officer David Thomas argues the placing proceeds will enable the company to enhance its existing assets in offshore Tunisia's Louza block and Malta's Area 3 and allow 'the investigation and development of other areas of interest'. Medoil has applied for exploration licences off the coast of Sicily and is investigating new possibilities in Italy and Albania.

At 21p, up 0.5p today, Medoil shares look robust for the time being.

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