Angus Energy PLC (LON:ANGS) shares backed off on Wednesday after it confirmed it was in talks with investors over a potential funding.
The company, in a statement, acknowledged what it described as media speculation concerning a potential equity raise.
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It noted that UK regulator The Oil and Gas Authority has recently approved the company’s acquisition of 25% of the PEDL244 licence and a £2mln payment is now due.
Angus told investors that it expects to conclude the funding shortly.
On AIM, Angus shares were down 11%, changing hands at 6.18p.