Oilex Ltd - Perth-based developer of natural gas assets - Completes GBP2.5 million fundraise. Raises funds through issue of shares at a price GBP0.20 each. Chief Executive Roland Wessel says: "The placing price of GBP0.20 pence represents no discount to the current price and shows confidence that these shareholders see significant value going forward. We are now fully funded for the July re-frac of C-77H and we also look forward to increasing daily production rates."
Company adds that, after a lengthy shut-in of production, gas production and sales have stabilised from one well, named C-73, at its Cambay field. Says current production rates demonstrate stable wellhead pressures. Plans to co-mingle production from the C-77H horizontal.
Current stock price: 0.21 pence
12-month change: down 16%
By Heather Rydings; heatherrydings@alliancenews.com
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