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Abilene Oil and Gas acquires acreage in Kansas

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Abilene Oil and Gas (ASX:ABL) has acquired further acreage in Kansas through three separate transactions and has entered into a further loan agreement with Mathieson Downs, which is associated with director Craig Mathieson.

The further loan of $850,000 will be used to fund acquisition of these working interests and working capital.

ABL has acquired 49% working interests in the Pratt County Prospect, Rawlins County Prospect and Rodinia Resources joint venture projects.

Drilling could begin in late 2015 at the Rawlins County Prospect and in early 2016 at Pratt County.

The company is still the process of reviewing funding mechanisms which will generate sufficient cash resources to fund its operations and repay loaned funds from Mathieson Down.

In addition, further drilling at the Central Kansas Uplift Appraisal and Development Project will re-commence in the coming weeks.

 

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ASX:ABL
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Market Cap: $1.19 m
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