Condor Energy Clarifies Lead Manager Options in $2.25m Capital Raise

Global Oil & Gas ( (AU:CND) ) has shared an announcement.

Condor Energy Ltd has secured firm commitments from sophisticated and professional investors to raise $2.25 million through a placement of 132,352,941 new shares at $0.017 each, with one attaching option for every two new shares exercisable at $0.03 over three years. As part of the capital raising fees, 22,058,824 Lead Manager Options will be issued, and the company has corrected an earlier announcement to clarify these options will carry a higher exercise price of $0.04 and expire on 3 February 2028, distinguishing their terms from the attaching options and signalling a refined structure for its capital management.

The placement and associated options structure support Condor Energy’s ongoing exploration activities, including its 80% interest in the Tumbes Basin TEA offshore Peru, an area adjacent to existing oil and gas production and containing the undeveloped Piedra Redonda gas field. By clarifying the terms of the Lead Manager Options and proceeding with the capital raise, Condor aims to strengthen its funding position for advancing its exploration portfolio, potentially enhancing its strategic positioning in under-explored offshore Peruvian acreage and offering clearer terms to investors and capital markets.

More about Global Oil & Gas

Condor Energy Ltd is an Australian oil and gas company listed on the ASX, focused on exploration and development opportunities. The company holds an 80% interest in the 4,858km2 Tumbes Basin Technical Evaluation Agreement offshore Peru, an under-explored area with shallow to moderate water depths and nearby producing fields, including the undeveloped Piedra Redonda gas field.

YTD Price Performance: -20.0%

Average Trading Volume: 1,629,938

Technical Sentiment Signal: Sell

Current Market Cap: A$11.47M

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