Abilene Oil and Gas (ASX:ABL) has raised $2.9 million through an oversubscribed rights issue to fund exploration of its recently acquired oil leases in the Central Kansas Uplift (CKU) project.
Proceeds from the offer will also be used to consider recent 3D seismic data in relation to the Morrison Oil Fields which are located in Clark County, Kansas and the Kinsley Project in Edward County, Kansas, and repay a short term interest free loan.
The funds were raised through the issue of 292,893,180 shares priced at $0.01 each.
Earlier this month, its second Central Kansas Uplift Project well produced oil at an average rate of 30 barrels per day over the first 30 days.
Its first well produced oil at an average rate of 52 barrels per day.
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