Nickelore Limited (ASX: NIO), to be renamed Stonehorse Energy Limited (Stonehorse), aims to re-list on the ASX and raise a minimum of $4.2M and up to $8.0M at $0.02/share to develop oil & gas wells in Oklahoma’s Anadarko Basin.
The Prospectus’ raising allows Stonehorse to complete the acquisition of 100% of the US-company Lone Star Energy.
This is an Anadarko Basin focussed oil & gas development company with a beneficial interest in two oil and gas projects located in Texas and Oklahoma, USA. Stonehorse will also participate in the Bullard horizontal well to see current production of ~280boe/d.
The Company’s strategy is to build a portfolio of oil and gas interests by identifying and participating in US based oil and gas investment opportunities by contributing to drilling and completion costs to earn an interest in these assets.
These assets are land based conventional and unconventional, vertical and horizontal oil and gas wells lodged in the states of Texas and Oklahoma. These are typically operated by large US oil and gas companies.
The consideration for the acquisition is entirely securities, thereby allowing funds raised from the Capital Raising to be used directly on activities on projects resulting in:
Pay by: April 24
List Price: $0.20
Minimum Bid: $2,000