- Additional cash funds of EUR 20 million to finance growth and project implementation
- 100% subscription ratio
Luxembourg, 17 March 2015: Deutsche Oel & Gas S.A. (DOG SA), Luxembourg, has successfully implemented its capital increase by way of a public offering, and has increased its share capital by EUR 20 million to a total of EUR 500 million against cash contributions from shareholders. The no-par value shares carry rights to a preferred dividend for financial years 2014, 2015 and 2016. The subscription ratio was 100%.
“This capital increase is a major success for the Deutsche Oel & Gas Group and represents a special vote of confidence from our shareholders. The additional funds secure the further growth of our company,” said Kay Rieck, Chairman of the Board of Directors of DOG SA.
The gross cash inflow resulting from the capital increase will be utilised for the business operations of the Deutsche Oel & Gas Group. There are plans for investments in the exploration and development of crude oil and natural gas fields and the production of crude oil and natural gas in Alaska. A portion of the issue proceeds is also to be used to reduce liabilities.