The firm said the acquisition would constitute a reverse takeover under AIM rules, and as a result, its shares have been suspended from trading with immediate effect
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Permex has assets across West Texas and southeast New Mexico..
On the Enhanced Oil Recovery (EOR) project at Bigoray, it is making good progress - it now having completed the 3-D seismic reprocessing portion
The company said it will boost the previously announced bought deal short form prospectus financing to a total amount of C$4,000,350, representing 6,411,000 subscription receipts of the company and 3,261,000 common shares on a flow-through basis.
The combined land base will comprise 715,000 net undeveloped acres, with over 114 proved drilling locations
In the longer term exploration drilling will tell, nonetheless, a near 3bn barrel 'pre-drill' resource is certainly attractive for speculative investors
The payment from Total is expected to fund Eco's participation offshore Guyana for a number of years, including well costs once exploration drilling gets underway
The newly published resource estimate underlines the potential for a big future at Orinduik
Major nearby successes have been a factor in the level of interest in Orinduik, which lies adjacent to ExxonMobil’s large oil discoveries
In an operational update, where the firm has seen successful recent drilling and completions, it reported average daily production of around 5,750 boe/d
From Tesla to copper to the impact of technology on emerging markets: Proactive Investors sat down with energy expert Gianni Kovacevic to learn more about his passions, his zero-emissions book tour and why millennials don't want (or need) to buy a car.
Permex holds a 100% working interest in the lease and a 78% net revenue interest...
Anfield Energy's project lies in the Pumpkin Buttes district in Johnson County, Wyoming
Cheal-A11 and B6 wells are now back on production, said the firm
As renewable energy generation increases, CellCube aims to clear up misconceptions about its viability
Hammerhead, Exxon's ninth discovery, is located within the vicinity of Eco's Orinduik licence
Production since the half year has risen to 4,400 barrels per day
Both wells came online at an initial rate of 10 barrels of oil per day (bopd), Permex said
An improving performance was driven by better prices and growing production, though the results are yet to reflect the success of recent well drilling
"We are very pleased with the test results of the SD-3X well as it exceeded our expectations,” said Paul Welch
Together the partners agree to bring forward and expand the Stage 2 work programme for the Australian shale project
Operating netbacks for the three months to end June went up by 67% to C$44.16 per boe (barrel of oil equivalent)
It plans to spend an extra US$4.8mln on four additional wells to further lift output and sales.
The company said it has started the second phase of bench-scale testwork on lithium-bearing clays from Clayton Valley in Nevada.
Point Loma has now identified two Banff oil pools on its West Cove lands