Interesting with all the government gas drilling regulations over the past few years we now have an East Coast gas shortage..... so AJL as a gas drilling mining service company the outlook should be on the up.
That with UK drilling about to commence and recent equity raising at 27.5 cents, we should have both positive Australian revenues as per below cut and paste from the investor presentation plus UK drilling and flow rates over the coming months.
I just bought some at 27 cents now the balance sheet is firmed up. GLAH
Net proceeds from the Offer and Placement are expected to be between approximately $52 million and $57 million.
• Proceeds from Kerogen’s participation in the Offer (inclusive of any sub-underwriting) will be used to reduce the
existing Kerogen subordinated debt facility.
– Depending on the amount of sub-underwriting allocated to Kerogen, the reduction in the Kerogen facility will be
between A$33.7 million and $39.2 million.
– This debt reduction meets a requirement under the balance sheet restructuring announced in June 2016 to
reduce the Kerogen facility by a minimum of US$25 million (c.A$33.7 million) from the proceeds of the Offer.
– The debt reduction will reduce interest expense by more than A$550,000 per month.
• Remaining net cash proceeds of up to approximately $24 million will be used to support growth in the Australian
operating businesses and fund further development of AJL’s shale gas interests in the UK, as follows:
– Capex investment will bring existing drill rigs online in response to increased demand from existing customers;
– Investment in working capital for new LEC pipeline construction projects and to expand LDS opportunities in the
coal seam gas and water segments;
– To fund potential bolt-on acquisitions; and
– In the UK, funding will be applied to further develop opportunities beyond the current two well program at
Preston New Road, and to AJL’s share of Cuadrilla’s general and administrative expenses.
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