(MENAFN - ProactiveInvestors - Australia) Magnum Gas & Power (formally Ormil Energy) (ASX: OMX) has closed its Non Renounceable Entitlement Offer priced at 0.02, with applications received for 92 million shares, with a further 92 million shares underwritten.
In total Magnum Gas has raised around 4 million, which will be used to advance the company's Botswana based assets, which were gained following the recent taking over of Energy Botswana Ltd.
Magnum Gas now holds Petroleum Exploration Licence No. 154/2012, covering an extensive 23,700 square kilometres in the Ngamiland and Central districts of the country.
Exploration activities will commence in Botswana as a priority followed by the New South Wales projects as appropriate.
Magnum Gas plans to drill several wells in Botswana and undertake testing work over the next 12 months that are targeted at moving a portion of the Contingent Resource into Proved and Probable as well as Proved, Probable and Possible Reserves.
In New South Wales the company has projects in the Burragorang and Illawara regions.