Entry for ST Oil and Gas operating in Alaska Rampart Energy Ltd (RTD) CASH $1.2m + $50m Exploration facility MCAP $16m Shares 261m Rampart Energy is exploring two areas of the North Slope of Alaska for both conventional and unconventional oil. The Company signed an agreement in May of 2013 to earn into leases owned by Royale Energy Inc. (NASDAQ:ROYL). Rampart believes that there is a very large upside in the area, as illustrated by the Prospective Resource numbers published in August 2013 and notes that exploration in the region is heavily supported by the State of Alaska’s incentive system which provides for exploration costs to be reimbursed. The work program currently consists of 3D seismic acquisition in 2014 and the drilling of two wells during 2015. Playing with the big boys
TODAYS ANNOUNMENT Executed binding documents with Melody Business Finance LLC to provide US$50m in Funding to Rampart At the conclusion of using such a Facility the Company will have no net debt
Torey Marshall commented “This is a watershed event for the Company and one that is almost unprecedented in the Junior energy space on the ASX. Essentially, the Facility provides for up to US$50m to be spent on exploration with no shareholder dilution, thus creating a massive leverage to Rampart shareholders who are exposed to this money, without the fear of dilution that would come from a raising of its size. Given your company’s market capitalisation of A$15m, its incredibly exciting for both shareholders and the Company alike to have this in place.”
