Entek Looks to Raise Funds for GOM Exploration
The directors of Entek Energy Ltd are seeking to raise A$2.25 million by means of placement to sophisticated investors of 15 million ordinary shares at 15 cents each. These shares will be issued partly through the Company's current fund raising capacity as permitted under the ASX Listing Rules, with the remainder subject to shareholder approval.
These funds will be applied to exploration costs for the Company's oil and gas interests in the Gulf of Mexico, administration costs and working capital.
Plans for drilling of South Marsh Island Block 138 OCS-G 27089 located in the Gulf of
Mexico off the Louisiana coast in 225 feet of water, are at an advanced stage. The
Operator is preparing the final Authority for Expenditure to be circulated and approved
by the joint venture partners. When joint venture approval is received, the Operator
will proceed with negotiations to contract a drilling rig. The joint venture is optimistic
that drilling of the first well on South Marsh 138 will commence early December 2006.
- Entek Finalizes Sells GOM Stake, Adds Niobrara Acreage (Mar 08)
- Entek to Commence Frac Stimulation Program at Battle Mountain (Sep 15)
- Entek Updates Activities in Niobrara Shale Oil Proj. (Sep 01)