Doriemus has successfully completed a bookbuild to raise $4.5 million (before costs) via a proposed placement of new securities to a number of sophisticated and professional investors.

The Placement was strongly supported by new and existing investors and satisfies a key condition precedent to the proposed acquisition by Doriemus of a portfolio of oil and gas assets within the proven onshore South Australian Cooper-Eromanga Basin as detailed in the Doriemus announcement on 30 January 2020. The Acquisition remains subject to a number of conditions precedent being satisfied including, obtaining various shareholder approvals, completion of due diligence and the execution of definitive transaction documentation.

In addition to the Placement and as previously announced, the Company intends to undertake a priority offer to certain eligible existing Doriemus and Oilex shareholders (where final eligibility is yet to be determined) for up to an additional $1.5 million on the same terms as the Placement.

Hartleys Limited is Lead Manager to the capital raising.

Doriemus’ Chairman, Keith Coughlan, commented:
“The strong support for this placement is a significant validation of the Company’s recently announced transaction to re-focus as a Cooper-Eromanga Basin oil and gas explorer/developer. The Company will target high return, high chance-of-success oil & gas opportunities in proven producing petroleum fairways with the benefit of an incoming technical team that has had considerable historic success in this basin.

We are well advanced in finalising the acquisition and we continue to look forward to a new and exciting future for Doriemus in Australia’s premier onshore basin and an active near-term drilling program in the second half of 2020.”

USE OF PROCEEDS

• As originally announced on 30 January 2020, funds raised from the Placement and Priority Offer, together with Doriemus’ existing cash, will be used as follows:
• to finalise the transfer of the 27 Petroleum Retention Licences to be acquired from Senex Energy Limited as part of the Acquisition;
• to undertake an initial work programme on its new Cooper Basin portfolio focused on target generation using airborne geophysical surveys, soil sampling, existing 2D and 3D seismic evaluation and prospect mapping;
• to fund Doriemus’ share of its planned Cooper Basin well drilling program in Q4 CY2020 (targeting 2 to 3 wells1); and
• for working capital purposes. 

Link to Doriemus Australia country profile