Jacka Resources Limited today announced the successful completion of the fully underwritten Entitlement Offer which raised $2.8 million.
This is in addition to the recent placement which raised an additional $1,000,000. Also, the company recently raised $12 million through a farm-out deal in Somaliland.
The company will now focus on moving the Aje Field, offshore Nigeria, towards a development decision for the initial phase oil development. The joint venture is currently reviewing development financing options ahead of FID and Jacka will be working to minimise its funding requirements through to commercial development.
Also, in Tunisia the joint venture is currently planning to appraise the Hammamet West offshore field in Q1 2015 by drilling a second sidetrack from the Hammamet West-3 well, which was originally drilled in 2013. The key objective of the appraisal is to establish a sustained flow from the fractured Abiod Formation reservoir. Cooper Energy is the operator of the block. Jacka owns 15%.
A successful flow test in the new sidetrack has the potential to have a significant impact on the field resources and development plan. Jacka said it would evaluate the funding requirements for this project and how best it may be monetized.
Jacka’s Managing Director, Bob Cassie said: “The Company has taken a number of very important steps as it continues to reinvigorate and maximise the value of its asset portfolio. With a quality asset base and a determined Board of Directors and Management, the Company is now well placed to deliver shareholder value.”
Earlier this week, Jacka announced two new board appointments. Max Cozijn and James Robinson, to the Board. Cozijn has also been elected as Chairman of the Board of Jacka Resources Limited. Bob Cassie continues as Managing Director.
Cozijn brings over 30 years of experience in the administration of resources and industrial companies including as founding director and chairman of Oilex Limited and as a director of numerous other resources companies with Australian and international operations.
Robinson has extensive capital markets and advisory experience and has served on the board or in management positions of companies operating in the Americas, Asia, Europe and Australia.
Stephen Brockhurst and Brett Smith have resigned as directors of the company with immediate effect. Brockhurst will continue as Company Secretary.
Bob Cassie said: “I would like to thank the retiring directors, Mr. Brockhurst and Mr. Smith for their efforts on Jacka’s behalf over the years and in particular their support, guidance and advice during my time as Managing Director. I wish them both well for their future activities. I also look forward to working closely with the new Chairman, Mr. Cozijn, and Mr. Robinson as we work to reinvigorate the Company and its asset portfolio.”