Sacgasco completes A$630,000 placement for Philippines projects

ASX-listed Sacgasco has successfully raised A$630,000 ($418,518) through a private placement to new and existing domestic investors, it said on June 28. The purpose of the funds raised is to support its plans to drill wells and conduct extended well tests in the offshore Philippines.

The funds were raised at an issue price of A$0.007/share, resulting in the issuance of 90mn fully paid ordinary shares in the company.

“We are focused on getting the Cadlao well and extended well test underway offshore Palawan in the Philippines. We are in an important phase in the company’s growth plans and I am excited about the events coming up in the near term!” Sacgasco’s managing director Gary Jeffery commented.

Sacgasco is currently focused on conventional gas exploration and production in the Sacramento basin, onshore California and Canada. In the Philippines, Sacgasco holds a 70% working interest in oil and gas-producing assets in offshore Palawan Island covering four service contracts over 1,470,000 hectares.