DRILLING

African cashed up for Narina drilling

AFRICAN Petroleum has tapped the market for $A85 million to contract an additional oil rig to drill an appraisal well at Narina in Block LB-09, offshore Liberia, where it made a significant discovery earlier this year.

James McGrath

The $85 million will be raised from the issue of 62.963 million shares at $1.35 per share to institutional shareholders. African said it would use the funds to contract an additional oil rig to drill...

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