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Oilex Raises USD6.8 Million Through Share Placing

Mon, 17th Feb 2014 10:43

LONDON (Alliance News) - Oilex Ltd Monday said it has raised USD6.8 million through the placement of 94.8 million shares at a price of USD0.072, funds it will use to fund the development of the Cambay oil field in India.

The placement, which was priced at a 3% discount to the 30 day volume-weighted average price, was supported by new and existing Oilex shareholders and directors, closing oversubscribed in Australia.

In addition to the development of Cambay PSC, the funds will go towards the drilling of the 77H well scheduled to spud between February 22 and March 9, an aerial gravity survey in the Canning Basin, western Australia, and for working capital purposes, including potential new ventures, the company said.

The stock was trading at 4.02 pence, down 0.13 pence or 3.2% Monday morning.

By Anthony Tshibangu; anthonytshibangu@alliancenews.com; @AnthonyAllNews