https://www.miningweekly.com

Strike raises funds for WA hunt

30th May 2019

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

Font size: - +

PERTH (miningweekly.com) – ASX-listed Strike Energy has completed a A$12-million share placement to fund drilling in Western Australia.

The company on Thursday said that it would issue more than 184.6-million shares at a price of 6.5c each, to professional and sophisticated investors, with the shares placed under Strike’s existing placement capacity.

The capital raise followed the grant of an offtake option at West Erregulla with fertilizer and chemical company CSBP for the purchase of up to 100 PJ of gas. CSBP is expected to pay an option fee of A$5-million to Strike before the end of May.

“The strong support for this capital raising, together with the securing of a significant Western Australian industrial gas user as a potential customer, is an endorsement of Strike’s asset portfolio and significant news flow anticipated to come from West Erregulla 2 and the Jaws appraisal wells,” said Strike MD Stuart Nicholls.

“Should Strike have positive results at either or both projects, the company is likely to take the transformational step required to become a true mid-cap natural gas company in Australia.

“The next 60 to 90 days will be pivotal in the company’s history and we look forward to rewarding all shareholders, old and new, for their long-term support.”

Edited by Creamer Media Reporter

Comments

The content you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at subscriptions@creamermedia.co.za.

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION