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Austin announces US$1.73 million Rights Issue fully underwritten

Published by
Oilfield Technology,

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

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