- President Energy said that it intends to raise approximately $8m, or about £6.1m through a placement offer to advance its oil and gas interests in Argentina.

The company also intends to raise up to €5m through a separate open offer to qualifying shareholders.

New shares in both offers will be issued at 10p each.

Rob Shepherd, Miles Biggins and Jorge Dario Bongiovanni, all directors of the company, intend to participate in the placing, it said.

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