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The latest update is out from Sacgasco ( (AU:AOK) ).
Australian Oil Company has secured firm commitments for a two-tranche equity placement to raise $2.03 million, issuing more than 700 million new shares at $0.0029 each, with attached options subject to shareholder approval. The funds will be directed towards boosting oil output at the Emu Apple and Riverslea fields, maturing exploration targets, and evaluating the restart of production at the Major Gas Field in Queensland, as well as new ventures, Californian operations, and working capital.
Management says strong demand from existing and new investors will allow the company to accelerate production enhancement and exploration across its Surat Basin assets, with directors intending to participate in the placement. The board is also considering a follow-on share purchase plan of about $250,000 to give retail investors access on similar terms, while lead manager Sanlam Private Wealth will receive fees and options, underscoring continued capital markets support for AOK’s growth agenda.
More about Sacgasco
Australian Oil Company is an Australian-based energy producer focused on conventional oil and gas exploration and production, primarily in the Surat Basin in Queensland. The company targets under-explored, high-quality hydrocarbon assets near under-supplied markets and also holds a portfolio of natural gas and oil producing wells in California, while evaluating additional global producing and exploration assets to support its growth strategy.
Technical Sentiment Signal: Strong Sell
Current Market Cap: A$4.72M
See more insights into AOK stock on TipRanks’ Stock Analysis page.