Junior explorers West Oil NL and Norwest Energy are in the market looking to raise funds. West Oil has now lodged the prospectus for a placement of 25 million fully paid ordinary shares at an issue price of 1.8 cents per share to raise $450,000.
The funds will be used for ongoing exploration programs as well as pursuing additional petroleum projects.
As for Norwest, the company plans to issue 25 million shares at 8c per share in order to raise $2 million to fund its upcoming Perth Basin drilling program.
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