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3D Energi raises $3.3 million for Otway drilling

Empire Energy raise

The company has received firm commitments to raise $3.3 million, to be applied to the continuation of exploration activities centring on the Otway Basin.

“I am extremely pleased to see the strong support for this capital raise, particularly from well-respected domestic and global natural resource funds,” 3D Energi executive chairman Noel Newell said.

“These funds will underpin activities leading up to our drilling campaign in the Otway Basin in early 2025 with our JV partner ConocoPhillips. This is a transformational time for 3D Energi with a course set to become a significant east coast gas producer.”

The funds are set to be applied to the continuation of exploration activities centring on the Otway Basin and for general working capital purposes.

The placement comprises the issue of a total of 66,100,000 fully paid ordinary shares and represents a 5.66 per cent discount to the latest closing price of the company’s shares on the ASX, and an approximate 10 per cent discount to the 15-day volume weighted average price.

The new shares will rank equally with existing 3D Energi fully paid ordinary shares quoted on the ASX.

Settlement of the placement is expected to occur on Thursday, 22 February 2024 and shortly thereafter the company will make an application to the ASX seeking quotation of the placement shares.

Ethicus Advisory Partners acted as lead manager to the placement.

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