Oilex to Raise Funds for Cambay Tight Gas Operations
Oilex Ltd has decided to raise approximately A$7.09 million to fund its operations in the Cambay tight gas reserves near the Cambay-76H well, onshore Gujarat in India, and for general working capital purposes.
The Cambay reservoirs contain estimated 223 BCF gas and 37 MMBO oil. The planned offset well will obtain critical data to demonstrate the commercial viability of the tight gas.
Under the underwritten renounceable Entitlement Offer, shareholders will be offered two new shares priced at A$0.07 each for every five shares held. All participants will also receive one attaching offer for every two new shares subscribed for. These options are exercisable at A$0.15 before 7 September 2015.