Gas2Grid (ASX: GGX) has raised a handy $1.06 million via a placement of 21.3 million shares at 5 cents per share.
The company has oil and gas assets in varying development stages. In the Philippines there are wells with known oil and gas accumulations that are attempting to be commercialised by the company. France is extending production from nearby oil and gas fields and exploration opportunities in Australia and new Zealand.
Funds raised will be used as follows:
Philippines: SC 44 (100% interest): Planned workover programs on the Malolos-1 and Nuevo Malolos-1 wells onshore Cebu and funding of the 2009 seismic acquisition program.
France: St. Griede (50%): The acquisition of an Aero-Gravity (AGG) Survey covering the St Griede licence located in the Aquitaine Basin which is likely to be completed by the end of October 2009.
Australia: EP 453, Canning Basin (100%): Interpretation of reprocessed seismic data and the farmout of well commitments.
In addition, new venture opportunities are being assesed in areas close to existing licence holdings - with some reviews at an advanced stage.www.proactiveinvestors.com.au
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