Austin announces US$1.73 million Rights Issue fully underwritten

Austin Exploration Ltd has announced that the company’s Rights Issue to raise AUS$1.73 million has now been fully underwritten by Patersons Securities Limited.

Key points/highlights:

• All Directors of Austin intend to participate in the Rights Issue, as they have done in the past – an endorsement of the company and its prospects.
• Austin well placed after sustained period of consolidation, streamlining operations and significantly lowering cost base – now debt free following divestment of non-core assets.
• Company will soon be well funded and able to focus on low cost development of flagship Pathfinder Project in Colorado – 15 282 acres directly over oil rich DJ Basin, able to accommodate circa 350 wells.
• Austin is one of the few junior oil and gas companies to not only have come through the current downturn, but is able to operate profitably in an environment of ~US$30/bbl oil prices.

Adapted from a press release by David Bizley

Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/19042016/austin-announces-usd1-73-million-rights-issue-fully-underwritten/