re: Ann: Renounceable Entitlement Offer to Sh... Hey illiquid,
To quote today's announcement, the proceeds of the offer are to be used to "further develop and enhance the UK
oilfields which form part of MEOL’s production assets and for working capital".
I interpret that as meaning the funds will be used to increase the current production rates of the UK assets.
Cheers.
Ann: Renounceable Entitlement Offer to Shareholde, page-8
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