Oil and gas explorer Finder Energy has been successfully listed on the Australian Securities Exchange (ASX) under the code FDR.
After issuing 75 million shares at $0.20 each and raising a total of $15 million, The Western Australian-based company officially commenced trading on April 8. Shares opened trading at 22 cents each, and have remained at 22 cents per share.
“It’s an exciting time for Finder and we are looking forward to this next chapter of growth,” Damon Neaves, Finder’s CEO, said. “The timing really couldn’t be better with high oil prices and strong sentiment in the sector.”
Following its ASX listing, Finder will focus its efforts on the Kanga-1 well in WA-412-P. Located in the the Northern Carnarvon Basin near existing oil fields, the well is believed to have a 36 per cent chance of geological success, according to independent assessments. It will be drilled using Diamond Offshore’s Ocean Apex semi-submersible drilling rig.
“On behalf of Finder, we’d like to thank our new shareholders for their support, and we look forward to reporting our progress as Kanga-1 draws near and we progress activities throughout our portfolio,” Neaves said.
The well is scheduled to spud in May. Given the high oil prices and growing demand within the sector, Finder’s plans have come at the ideal time.
Following this project, the company’s exploration of the North West Shelf will continue; in particular, its offshore WA-547-P block, which is on trend with the Dorado oil discovery.
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