DRILLING

AOG arranges finances for Oman and Indonesian contracts

Australian Oil and Gas Corp will use a combination of debt and equity financing to finance its ex...

This will remain in place until documentation is complete for its $11.5 million underwritten rights issue planned for later this month.

The company will use the proceeds to complete the purchase of a new deep-capacity drilling rig to undertake a long-term drilling contract with ExxonMobil in Indonesia.

The proceeds will also be used to fund the re-equipping and upgrading of two mobile, medium capacity drilling rigs for its long-term contracts with Petroleum Development in Oman.

In addition to the rights issue, the company is arranging to increase its debt facilities with the addition of a five year loan of up to $US10 million.

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