(MENAFN- ProactiveInvestors)
Oil and gas explorer () has raised A$699000 for its Normangee oil project in the U.S. despite difficult market conditions in the energy space.
The funds raised will be used for planning an optimisation of a proposed multi-stage fracking operation at the Texas property’s Jack Howe #1H well.
The money is also aimed at exploration and geological reviews and providing ongoing working capital as Sun actively seeks a new capital partner or partners.
The funds were raised under a placement at A$0.001 per share and is interpreted as an excellent show of confidence in Sun’s near-term planned activities across its lease portfolio.
Sun is seeking to reduce the cost of fracking below the current level of approximately US$4 million and is now looking to deliver the anticipated 25% (or greater) reduction in costs for services in line with falling oil prices and reduced activity in U.S.-based unconventional plays.
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