Austin announces US$1.73 million Rights Issue fully underwritten
Published by David Bizley,
Senior Editor
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
Read the article online at: https://www.oilfieldtechnology.com/exploration/19042016/austin-announces-usd1-73-million-rights-issue-fully-underwritten/
You might also like
Wood Mackenzie: Middle East crisis should prompt UK North Sea policy rethink
The UK government faces renewed pressure to change its policy on the North Sea, amid the crisis in the Middle East, says Wood Mackenzie.