Oz Strike Completes Share Placement Exercise

Australian Strike Energy November 1 said it has completed a share placement to raise A$30mn (US$20.7mn) and will target to raise an additional A$5mn through a share purchase plan.

Funds raised from the capital raising will primarily be applied to the company’s exploration and appraisal programme in the Perth Basin as well as continuing piloting operations at the Southern Cooper Basin Gas Project. Senex plans to drill two appraisal wells at West Erregulla; carry out 3D seismic activities across the Perth Basin, and continue with the Jaws project pilot test at the Southern Cooper Basin gas project.

“This round of financing has been very successful in providing the company with the capital it requires to commit to several major contracts and activities across its Perth Basin acreage whilst at the same time increasing the concentration of institutional shareholders on the Strike share register,” CEO Stuart Nicholls said. “These funds will enable Strike to deliver critical reservoir, appraisal and engineering outcomes required for a final investment decision on the proposed first phase of the West Erregulla development.”

The placement is expected to settle on November 8 with the shares expected to be issued and to commence trading on November 11, Strike said.