Carnarvon Petroleum Acquires Stake in Ausam Energy
Carnarvon Petroleum Limited
Carnarvon Petroleum Limited reports that the Toronto-listed company, Ausam Energy Corporation, has completed the acquisition of Australian-based Ausam Resources Limited, and its previously announced financings.
Carnarvon has an investment in Ausam Energy with a value of approximately A$480,000 based on the issue price of C$0.75 at which Ausam Energy undertook its recent capital raising.
The TSX Venture Exchange has given conditional approval of the acquisition and once all documents have been filed and approved by the TSX it is anticipated that Ausam Energy shares should recommence trading before the end of this month under the new symbol "AUZ".
Ausam Energy has raised C$4.7 million in new capital at a price of C$0.75 and anticipates closing on a further C$2 million before the end of August.
Mark Avery, Chairman and CEO of Ausam Energy stated, "The TSX Venture Exchange listing now provides us with a solid public platform from which to finance our aggressive natural gas drilling plans in Queensland. The company plans to drill over 100 development and exploratory wells over the next few years and drilling is planned to commence within 60 days."
Carnarvon has an investment in Ausam Energy with a value of approximately A$480,000 based on the issue price of C$0.75 at which Ausam Energy undertook its recent capital raising.
The TSX Venture Exchange has given conditional approval of the acquisition and once all documents have been filed and approved by the TSX it is anticipated that Ausam Energy shares should recommence trading before the end of this month under the new symbol "AUZ".
Ausam Energy has raised C$4.7 million in new capital at a price of C$0.75 and anticipates closing on a further C$2 million before the end of August.
Mark Avery, Chairman and CEO of Ausam Energy stated, "The TSX Venture Exchange listing now provides us with a solid public platform from which to finance our aggressive natural gas drilling plans in Queensland. The company plans to drill over 100 development and exploratory wells over the next few years and drilling is planned to commence within 60 days."
RELATED COMPANIES
Most Popular Articles
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- Macquarie Strategists Expect Brent Oil Price to Grind Higher
- Japan Failing to Meet Corporate Demand for Clean Power: Amazon
- UK Oil Regulator Publishes New Emissions Reduction Plan
- Pennsylvania County Joins List of Local Govts Suing Big Oil over Climate
- PetroChina Posts Higher Annual Profit on Higher Production
- McDermott Settles Reficar Dispute
- US, SKorea Launch Task Force to Stop Illicit Refined Oil Flows into NKorea
- Russian Navy Enters Warship-Crowded Red Sea Amid Houthi Attacks
- USA Commercial Crude Oil Inventories Increase
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil Demand Outpaces Expectations, Testing Calculus on Peak Crude
- House Passes Protecting American Energy Production Act
- TotalEnergies Restarts Production in Denmark's Biggest Gas Field
- USA Oil and Gas Job Figures Jump
- Republican Lawmakers Say IEA Has Abandoned Energy Security Mission
- Blockchain Demands Attention in Oil and Gas
- Houthis Warn Saudi Arabia of Retaliation If It Backs USA Attacks
- Macquarie Sees USA Oil Production Exiting 2024 at 14MM Barrels Per Day
- Summer Pump Prices Set to Hit $4 a Gallon Just as Americans Hit the Road
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Equinor Makes Discovery in North Sea
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension