ABGSC acted as manager in connection with the NOK 69 million private placement for Source Energy AS

On Friday 6 November, Source Energy successfully completed an equity private placement directed towards existing shareholders and selected new investors. The net proceeds from the private placement will, together with the Company’s current cash balance and Exploration Financing Facility (EFF), be used to complete an appraisal program on PL878 containing the Atlantis gas / condensate discovery.
The Atlantis gas / condensate discovery was announced by Equinor in July 2020 and is Source Energy’s first exploration well on the Norwegian Continental Shelf (NCS). The Source Energy base estimate for Atlantis is 110 Mboe (gross) and Source Energy holds a 20% participating interest. In addition, Source Energy holds a portfolio of 7 licenses with several attractive prospects.
Since Source Energy’s inception in 2018, ABG Sundal Collier has assisted the company in raising more than NOK 200 million in equity to build the next exploration success story on the NCS.