Strike Energy Raises Funds for Southern Cooper Basin Gas Project Development

Strike Energy said Thursday that it has successfully raised A$12.7 million by way of a private placement. 

The company plans to utilise the funds to accelerate the appraisal and development of its Southern Cooper Basin Gas Project.

According to Strike, preliminary preparation work ahead of the fracture stimulation and  production testing  program to  be  carried  out  at  Le Chiffre 1, Klebb 1 and Davenport 1 is underway with fracture stimulation operations expected to commence in May.

The company will issue 105,977,949 fully paid ordinary shares at A$0.12 per share to sophisticated and professional investors within the company’s 15% placement capacity. 

“This capital raising provides the foundation for Strike to accelerate the commercialisation of the Southern  Cooper  Basin  Gas  Project  toward  a  development  decision.  Our  next steps  will  be  to undertake  the  first stage of a production testing and optimisation program with work due to commence imminently,”  Managing Director, David Wrench, said.

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