Strike Energy raises A$13m
ASX-listed Strike Energy has received binding commitments from institutional and professional investors to successfully raise A$13-million through a share placement.
More than 113-million shares will be issued at a price of 11.5c each under the company’s existing placement capacity.
Strike on Wednesday said that the company was hoping to raise a further A$5-million through the placement of up to 43.4-million shares, at the same price, under a share purchase plan (SPP).
Eligible shareholders will be able to subscribe for up to A$15 000 worth of new shares under the SPP.
The successful capital raise was a condition of Strike’s takeover offer for fellow listed UIL Energy, under which Strike is offering that company’s shareholders 0.485 Strike shares for every UIL share held.
The funds raised in the placement will be used to support drilling of the West Erregulla-2 well at the West Erregulla project, in the Perth basin, and to complete the piloting activities of the Jaws well at the Southern Cooper Basin gas project.
“Strike is now in a strong position to execute drilling of the West Erregulla-2 well in the Perth basin in early 2019, targeting a material conventional gas reservoir similar in nature to the neighbouring Waitsia gasfield,” said Strike MD Stuart Nicholls.
“Strike is also funded to see Jaws-1 through to the production testing phase towards the declaration of commercial success at the Southern Cooper Basin gas project.”
Nicholls said that the receipt of binding commitments as part of the placement was a strong endorsement of the company’s strategy of delivering on a successful production test at Jaws and building a meaningful Perth basin-operated business.
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