Australis commitments to raise $39m

Company News

by Rachael Jones

Perth-based Australis Oil & Gas (ASX:ATS) has received commitments from investors to raise $39 million via placements.

Earlier this week they went into a trading halt to raise the money to help fund a proposed $US100 million drilling program over its emerging shale play in the south-east US.

The proceeds will be applied to the start of the drilling in the Tuscaloosa Marine Shale.

It is believed that debt will account for most of the funding for the drilling.

Australis is one of the biggest landholders in the TMS, which straddles Louisiana and Mississippi, after paying $US80 million for holdings early last year.

Shares in Australis Oil & Gas (ASX:ATS) last traded at 36c. 
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.