(MENAFN- ProactiveInvestors - Australia) Molopo Energy (ASX: MPO) is free to focus on drilling and development of its Texas Wolfcamp oil acreage after closing the sale of its Queensland Bowen Basin coal seam gas assets to PetroChina Australia.
The proceeds of A$41 million plus a working capital adjustment of A$2.4 million increases the company's cash balance to A$95.6 million.
With projected cash outflows of A$26 million this quarter for its Wolfcamp drilling allowing it exit the year with just under A$70 million.
This leaves it well capitalised for further drilling in 2013. This is aimed at developing enough productive wells to fund capital investment using internal cash flow post-2013.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.