RE: Onwards and upwards11 Sep 2025 14:56
David Hobbs, Executive Chairman, said: "In line with our strategy to fund ahead of expected requirements, we have bolstered our liquidity to take us towards the anticipated US Listing and all development planning activities between now and then. There was strong interest in the Fundraise and the Company scaled back demand to $30 million, and the 9% discount to the market closing price of 27.5p per share reflects that strong interest. Operationally, we are on track to commence hydraulic stimulation and thereafter, flow testing operations in the coming weeks. Frac sand is already in Deadhorse and equipment is starting to mobilise - and overall, Dubhe-1 programme costs are tracking at or below original estimates."
"I want to add my appreciation for the work done by Erich and his team in moving us towards flow testing the lateral in Dubhe-1, an important milestone for the Company. Our expectation is that a successful flow test will demonstrate a clear path to commercial development including supply of associated gas through the AK LNG Phase 1 pipeline."