Doriemus Raises Funds to Buy Oilex Oz Ops

Sydney-listed explorer Doriemus has completed a bookbuild to raise A$4.5mn (US$3mn) (before costs) via a proposed placement of new shares, it said February 21. The funds will be used to acquire Oilex’s interests in the Cooper-Eromanga basin.

The placement was strongly supported by new and existing investors and satisfies a key condition for Doriemus to complete its proposed acquisition of a portfolio of oil and gas assets within the proven onshore South Australian Cooper-Eromanga basin, Doriemus said. 

The acquisition remains subject to a number of other conditions being satisfied, however, including various shareholder approvals and the completion of due diligence.

Under the deal terms, Doriemus will acquire 100% of Oilex's wholly-owned subsidiary CoEra. At the purchase's completion, CoEra will own all of Oilex's direct and indirect interests in the Cooper-Eromanga Basin including its 79.33% direct interest in two petroleum exploration licences (PEL 112 and PEL 444) (with an option to acquire the remaining 20.66%); and right to acquire 27 petroleum retention licences from Senex (Northern Fairway PRLs).

In addition to the placement, the company said it intends to undertake a priority offer to certain eligible existing Doriemus and Oilex shareholders for up to an additional A$1.5mn on the same terms as the placement.