3D Energi, the junior ASX-listed exploration partner of ConocoPhillips, has successfully raised $14.5 million through a discounted share placement. The funds will contribute to 3D Energi’s share of the costs associated with ConocoPhillips’ extensive drilling campaign, valued at over $100 million, off the Victorian coastline.
The company sold shares at 14 cents each, representing a 17.6 per cent discount compared to its last traded price of 17 cents on Thursday. Last month, shares were trading at 11.5 cents before ConocoPhillips announced a gas discovery at the initial well in the Otway Basin campaign, which resulted in the stock price climbing as high as 19.5 cents. 3D Energi is an oil and gas exploration company focused on projects in the offshore Otway Basin. The company aims to discover and develop new energy resources.
The ConocoPhillips-led venture, which also includes Korea National Oil Co, commenced drilling the second well, Charlemont-1, last week. 3D Energi estimates an unusually high 81 per cent probability of discovering gas at this location. According to 3D Energi executive chairman Noel Newell, the share placement received “strong support” from both international and domestic institutional investors, encompassing new and existing shareholders.
Following the trading halt on Tuesday, 3D Energi’s shares experienced a decline, falling by as much as 20.6 per cent to 13.5 cents.
