Proactiveinvestors Australia

Peako Ltd www.peakoil-gas.com

Peako Ltd (ASX:PKO) formerly Peak Oil and Gas is a diversifed energy company with oil and gas exploration assets in the Philippines and Indonesia. It also holds uranium assets in Australia.

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Peak Oil and Gas raising $2.4M for Indonesia oil and gas exploration

Friday, January 03, 2014 by Proactive Investors

Peak Oil and Gas raising $2.4 million through fully underwritten pro-rata non-renonceable rights issue.

Peak Oil and Gas raising $2.4 million through fully underwritten pro-rata non-renonceable rights issue.

Peak Oil and Gas (ASX: PKO) is raising up to $2.4 million to fund its exploration commitments in the South Block A production sharing contract in North Sumatra, Indonesia.

Octanex (ASX: OXX) is fully underwriting Peak’s pro-rata non-renounceable rights issue priced at $0.01 each while all of the company’s directors intend to take up their full entitlements.

The two companies are also working towards a merger that would be implemented by a Scheme of Arrangement.

This will be submitted to Peak shareholders in the first quarter of this year and will see Peak shareholders exchange their shares for Octanex shares.

 

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