The group said it is likely to require additional sources of funding, as well, including securing farm out partners for its projects.
The company said that it will have enough cash to support operations and the preparatory work in Ksar Hadada permit onshore
"In the event that the placing and open offer is not fully subscribed, the group will need additional funding to meet future costs. If the group is unable to raise sufficient funds then the group is unlikely to be able to continue as a going concern," the company said in a statement.
In a statement reporting on its financial performance for the 15 months ended
The company had to reorganise its Rivara gas storage operations after the site's environmental impact assessment approval was denied at a local level following complaints from local residents following an earthquake in
"The 15 month period... has been a real challenge for the company. It has taken the period since then to reduce the Italian problems to scale, get a grip on the Tunisian issues, strengthen the management of the company and refocus our strategy" the company said in a statement.
"As part of this strategic re-positioning we have been working on a number of attractive opportunities that would provide the company with increasing exposure over time to hydrocarbon production in our area of interest," it added.
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