Fox Williams LLP advised FirstEnergy Capital LLP (“FirstEnergy”) and Mirabaud Securities LLP (“Mirabaud”), joint lead managers on the placing in AIM-listed Trap Oil Group plc (“Trapoil”). Trapoil is an independent oil and gas exploration and appraisal company focused on the UK Continental Shelf region of the North Sea, which completed its admission to trading on AIM in March 2011, simultaneously raising £60 million before expenses.
FirstEnergy and Mirabaud raised approximately £4.3 million (before expenses) through the placing with certain existing and new instititutional and other investors of, in aggregate, 20,537,300 new ordinary shares of Trapoil at a placing price of 21.0 pence per ordinary share. The net proceeds of the placing will be used to augment the anticipated cash flows arising from the Athena acquisition and assist with, inter alia, the funding of potential commitments in relation to the proposed acquisition of the Trent East Interest, potential commitments in respect of the Company’s 27th Round licence applications, additional drilling opportunities and to provide general working capital for the Group.
Head of Capital Markets Richie Clark and Corporate Associate Sharon O’Donnell led the Fox Williams team on the transaction. Field Fisher Waterhouse acted for Trapoil.
Richie Clark commented:
“We were delighted to assist FirstEnergy and Mirabaud – the latter a new new client of FW – to raise significant additional capital for Trapoil, a real achievement in what were extremely difficult market conditions.”