Company News Summary
Drillsearch Energy Completes $50m Capital Raising
Original announcement: Drillsearch Energy completes $50 million capital raising
Drillsearch Energy announced that it has completed a $50m capital raising. As a result of very strong support from existing shareholders and new institutional investors, the capital raising announced on 26 July 2012 has been upsized by $10m to $50m. The capital raising was conducted via a placement to qualified sophisticated and institutional buyers at $1.02 per share. Funds raised under the placement will be used to: accelerate Western Flank Oil production from existing oil discoveries through construction of crude oil export pipelines and central production facilities and drilling additional development wells; expand the Wet Gas Pilot Project; and commence a Wet Gas appraisal and development program for existing undeveloped Wet Gas discoveries with the aim of installing a second Wet Gas Production Pilot Plant.
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