Ann: Asset Transactions Update and Successful Capital Raising, page-142

"Sabre failed to meet their financial obligations under the Rafael Shallow farm-in agreement"

"both the Rafael Shallow and Ungani farm in agreements have been terminated"

"alternative funding of A$3 million for the Rafael Shallow 1 well has been arranged with two entities associated with long-term Buru shareholders"

"entered into separate farm-in transactions with Buru to earn a total 25% interest in the Rafael Shallow 1 well"

"negotiated largely based on the same pro-rata farm-in terms as the previous farm-in agreement with Sabre"

"also announced that it has completed a successful share placement at A$0.62 per share, which has raised a total of A$6.7 million before costs"

"placement provides funding towards the commercialisation of the Rafael gas project, drilling of the Rafael Shallow 1 exploration well, and restarting of the Ungani oilfield"

"executed a contract with Silver City Drilling for the Rafael Shallow 1"

"Rig 24 has mobilised"

"company is preparing to commence drilling this month"

https://oilman.beehiiv.com/p/oilman-jim-s-letter-october-2-2024

Worth reading