Sacgasco raises further A$445,200 for Philippines projects

Australia’s Sacgasco has raised a further A$445,200 via a placement of 63.6mn fully paid ordinary shares at an issue price of A$0.007/share to new and existing domestic investors, it said on July 6. The purpose of the funds raised is to support its plans to drill wells and conduct extended well tests in the offshore Philippines.

The company had last month successfully raised A$630,000 ($418,518) through a private placement. 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.

“Following the announcement of a A$630,000 placement on 28 June, we were delighted to receive further expressions of interest in investing in Sacgasco. The board considered it prudent and strategic to raise additional funds via the placement of additional shares to keen investors utilising remaining listing rule capacity,” 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.