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

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

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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