Meridian Petroleum Plc (MRP.L) said it is to adopt a transformational strategy aimed at significantly increasing its reserves and resources with the initial steps underpinned by an institutional placing and open offer to all shareholders to raise £6.9 million or US$11.3 million.
The company stated that it has conditionally placed 22.25 million new ordinary shares at 25 pence per share to raise £5.6 million (around US$8.9 million) before expenses.
Meridian Petroleum noted that it is proposed that Michael Cochran will be appointed to the board as exploration director, immediately following Admission. It is also proposed that John Hamilton and Christopher Hopkinson will be appointed as non-executive directors immediately following Admission.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.