San Leon Energy to raise £6.3m

Irish oil and gas exploration company, San Leon Energy — which is listed on the AIM exchange in London and is headed by former Smart Telecom chief, Oisin Fanning — is to raise £6.3 million (€7m) through the placing of 41.97 million new shares.

The move is a joint placing, made in conjunction with Norwegian company PGS Ventures with whom San Leon has entered into a seismic services agreement. Funds raised will boost development of the company’s portfolio of projects in Morocco, Poland, Italy and the US.