Gulf Keystone raises £60 million to develop oil and gas projects in Algeria, as Corporate Synergy advised Leisure & Gaming secures £400,000 to pursue acquisitions in that sector.

Resource issues continue to loom large and this climate has enabled American oilman Todd Kozel and his backer, United Arab Emirates tycoon Sheikh Sultan Bin Saqr Al-Qassimi, to raise £60 million in a placing for Gulf Keystone Petroleum at 48p to develop oil and gas projects in Algeria. It has a deal with Algeria’s state oil company to develop a block in the north-east of the country with a claimed potential resource of 960 million barrels of oil and 2.6 trillion cubic feet of gas.

At the other end of the scale, Corporate Synergy raised £400,000 at 10p for Leisure & Gaming, set up to pursue acquisitions in that sector. Half the shares are owned by chief executive officer Benjamin Shaw.

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