Proactive Investor's  Instablog

Proactive Investor
Send Message
Proactiveinvestors is a leading multimedia news organization, investor portal and events management business with offices in New York, Sydney, Toronto and London. Proactiveinvestors operates five financial websites in four languages providing breaking news, comment and analysis on hundreds of... More
My company:
My blog:
  • Sirocco Energy Extends A$4M Offering 0 comments
    Dec 17, 2012 12:39 AM

    Sirocco Energy (ASX: AAE), formerly Agri Energy, has extended by one week its initial public offering to raise A$4 million to fund oil and gas exploration in Sudan.

    The offer of 20 million shares priced at A$0.20 each will now end on 21 December 2012 rather than 14 December 2012.

    It also includes provision for oversubscriptions for a further 15 million shares to raise another $3 million.

    Proceeds will be used mature drilling prospects within Block 14 onshore Sudan.

    Block 14

    Studies have defined 1.5 billion barrels of gross unrisked prospective resource in Block 14, which covers 100,000 square kilometres.

    This is contained in 30 potential traps that have gross resources ranging from 20 million barrels (low or P90) to 200 million barrels (high or P10) each, with the best estimate being 50 million barrels.

    Sirocco is acquiring a 49.9% shareholding in Statesman Africa Limited, which holds a 75% working interest in the Block.

    Already one well has been drilled immediately to the south of Block 14 in 2012 and has encountered oil shows. A further well is currently being drilled to the north of Block 14. Further success from surrounding exploration will have a significant positive impact on Block 14.

    Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.

Back To Proactive Investor's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers


More »

Latest Comments

Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.