Wildcat Petroleum PLC on Monday said it has placed shares to raise money to boost its balance sheets.

The Uxbridge, London-based investor in upstream sector of petroleum industry said it placed 375.0 million new shares at a price of 0.12p per share, to raise up to £450,000.

Wildcat Petroleum shares plummeted 54% to 0.15 pence each on Monday morning in London.

Chair Mandhir Singh said: ‘The company is delighted to have raised additional funds in difficult market conditions. These net proceeds of the over-subscribed placing will be used to strengthen the balance sheet and provide the company with sufficient working capital whilst it works towards a production sharing agreement with the Sudanese government.’

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