The Australian-Austrian drilling company ADX Energy, which recently carried out gas test drilling in Molln in Upper Austria, has announced that it will issue shares worth 13.5 million Australian dollars (8.22 million euros). We already have firm commitments from investors, it said in a broadcast on Thursday.
Specifically, there are around 128.5 million ordinary shares at an issue price of 0.105 Australian dollars (around six euro cents). Around 71.4 million shares are to be placed in a first tranche on May 7th, and the rest in a second tranche (May 22nd).
The fresh money will flow into, among other things, the gas project in Molln and the Anshof oil drilling project near Bad Hall, and a CO2 reduction plant is also planned on ADX’s oil and gas fields in the Vienna Basin.
