Ascent resources (LON:AST) shares ticked modestly downwards on Wednesday, after initial gains following its announcement of a capital raise on Friday.
The oil and gas exploration company said on Friday it intends to raise £1 million through the issue of 6.2 million shares at a price of 1.66 pence each through PrimaryBid.
This comes prior the anticipated completion of the re-certification of the export pipeline at its project in Petisovci, Croatia.
“The rapid subscription of the Offer exceeded our expectations. This is now the fastest take up on one of PrimaryBid’s weekend offers. We are delighted with the result and would like to thank all the investors on PrimaryBid for supporting us during this exciting time for the Company.”
Ascent resources is headquartered in London, and is listed on the AIM-market of the London Stock Exchange since 2004.
It considers its major asset to be its gas field at Petišovci in Slovenia, which it continues to focus the large part of its efforts on developing.
Shares in the company are currently down marginally 1.15 percent, as of 12.38PM (GMT).
Similarly, last Thursday shares in Nostra Oil (LON:NTOG) soared more than 30 percent, after the company announced it had arranged for its margin requirement to be waived.
The London AIM-listed oil and gas exploration company focuses primarily on established hydrocarbon areas in both the USA and in Egypt.