Caza Oil & Gas (LON:CAZA, TSE:CAZ) told investors it had drawn down on its standby equity line to the tune of £450,000 in a bid to enhance production at historic wells.
The funds will be used on work to enhance production on several historical wells in Wharton County, Texas, which fall outside the scope of the recently completed Apollo transaction, it said.
The SEDA was agreed last year with YA Global Master SPV Ltd.
In exchange for the advance, the company has issued around 3.7 million shares to Yorkville at a price of 11.9572p per share.
Caza shares stand at 12 pence.
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