Hancock Prospecting wades into oil fields
PERTH (miningweekly.com) – Oil and gas explorer Sun Resources has attracted a A$13.5-million investment from Hancock Prospecting, with the developer securing an 18.48% shareholding in Sun Resources.
“We are pleased to welcome Hancock Prospecting as a shareholder and investor in our company,” said Sun MD Govert van Ek, adding that the company brought valued insight and commercial expertise to the ASX-listed junior.
Hancock Prospecting took up some 450-million new shares in Sun, at an issue price of 3c each, with the placement done under Sun’s 25% placement capacity.
Van Ek said that proceeds from the Hancock Prospecting placement would be used towards de-risking the company and confirming profitable oil production from its acreage in the Woodbine oil play, in Texas.
Sun holds some 20 000 acres of leases in the Woodbine oil play, which was located close to existing infrastructure. The company was hoping to prove-up and replicate recent drilling results from nearby operations in the Woodbine oil play, which reported well results with IPs of up to 1 000 barrels of oil equivalent a day.
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