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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
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  • Oilex Limited To Raise $3.4m For Cambay Development PSC In India 0 comments
    Aug 29, 2013 11:36 PM

    Oilex Limited (ASX: OEX, AIM: OEX) cash position will swell to around $9 million following the completion of a $3.4 million placement to domestic and international sophisticated and professional investors.

    The placement was priced at $0.05 per share, and will be conducted in two tranches. Tranche 1 for $1.9 million will be under the placement capacity, with Tranche 2 subject to shareholder approval.

    Funds will be allocated to Cambay in India, (OEX Operator, 45% decreasing to a minimum of 30%), including the drilling of the Cambay 77H Offset Well targeted for the December quarter 2013.

    Cambay has an independently certified 2C Contingent Resource in place of 37 million barrels of oil and 222 BCF Gas (net attributable to Oilex) prior to the Cambay Equity Sale Agreement.

    Funds will also be used for a low level work program in the Canning Basin as potential farm out discussions continue and for working capital purposes.

    Proactive Investors is a market leader in the investment news space, providing ASX "Small and Mid-cap" company news, research reports, StockTube videos and One2One Investor Forums.

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