This is what John Campbell says in today's edition of Oil & Gas Weekly (OGW):
"Maverick Drilling & Exploration has raised A$20.4 million via a placement of 65.9 million shares or 14% of issued capital at a price of $0.31 a share. The funds will be used to build Maverick into an exploration and production management team rather than a drilling contractor.
Maverick’s existing US$34 million will be used to develop current assets including the drilling and development of deeper prospects (Vicksburg formation) at Blue Ridge.
Maverick is on our Tax Loss Selling list but further down the track if new CEO ex BHPB Executive Michael Yeager achieves what he is setting out to achieve Maverick could well prove to be good longer term investment. Now that he has cash to fund his proposed management changes and a possible new asset acquisition we can expect a flow of news releases announcing additions to the management team and asset purchases or farm in deals."
FDM Price at posting:
29.0¢ Sentiment: None Disclosure: Held
