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Gulliver Energy Ltd. (TASE: GLVR) has reported that it has received a public offering prospectus permit for 5 million shares and 3 option series to raise NIS 50 million within a few months. The amount of funds to be raised includes the exercising of options. The capital is being raised for the Shahar license drilling that is slated to begin in two months. Meir Dagan is the chairman of Gulliver and Rami Karmin is the CEO.
Gulliver's initial funding is expected to reach NIS 30 million, with an additional NIS 20 million to follow in a few months from exercising a short series of options from, "within the money". Assuming that all of the short options will be exercised, the total amount of funding will be NIS 56.3 million (including over allotment execution). Record Underwriting and Issuing will lead the public offering.
Gulliver intends to begin drilling at the Shahar license in the next two months and to finish within four to five months. The land-based drilling will take place south of the Dead Sea at a depth of 3.3 km in December with a planned budget of NIS 10 million.
According to a resources prospectus that Gulliver prepared for Dunnmore Consulting, the probability of finding oil in the reserve is 12% and the best-case evaluation in the Shahar license is 41 million barrels of oil. Drilling will be planned and managed by HDM.
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