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Oilex Ltd - Perth-based developer of natural gas assets - Completes £2.5 million fundraise. Raises funds through issue of shares at a price £0.20 each. Chief Executive Roland Wessel says: ‘The placing price of £0.20 pence represents no discount to the current price and shows confidence that these shareholders see significant value going forward. We are now fully funded for the July re-frac of C-77H and we also look forward to increasing daily production rates.’
Company adds that, after a lengthy shut-in of production, gas production and sales have stabilised from one well, named C-73, at its Cambay field. Says current production rates demonstrate stable wellhead pressures. Plans to co-mingle production from the C-77H horizontal.
Current stock price: 0.21 pence
12-month change: down 16%
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