Big Oil's Flight Draws US Risk Takers to Australian Shale
Raymond’s Energy & Minerals, a key backer of McClendon’s post-Chesapeake activities, last week agreed to acquire an 18 percent stake in Australian shale rights held by closely held Pangaea. Raymond didn’t return a telephone message seeking comment. McClendon and Raymond are investing in the county’s Northern Territory region.
In his home country, McClendon’s efforts to build a new shale empire since his forced departure from Chesapeake have foundered. American Energy has struggled under low energy prices and heavy debts incurred to amass a portfolio that stretches from the Great Plains to Appalachia.
--With assistance from James Paton in Sydney.
To contact the reporter on this story: Joe Carroll in Chicago at jcarroll8@bloomberg.net To contact the editors responsible for this story: David Marino at dmarino4@bloomberg.net Jim Efstathiou Jr.
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