Brief: Prominence Energy To Acquire Interest In Mutli-Tcf Sasanof Prospect

Prominence Energy

06/12/2021 22:51

Dec 7 (Reuters) - Prominence Energy Ltd  PRM.AX :
    * PROMINENCE ENERGY LTD -  TO ACQUIRE INTEREST IN MUTLI-TCF
SASANOF PROSPECT
    * PROMINENCE ENERGY LTD -  RAISES A$12 MILLION
    * PROMINENCE ENERGY LTD -  WILL ACQUIRE A 12.5% SHAREHOLDING
IN
MULTI-TCF SASANOF GAS PROSPECT
    * PROMINENCE ENERGY LTD -  WILL ISSUE 90 MILLION PRM SHARES
AND 30
MILLION PRMOB OPTIONS AS PART OF CONSIDERATION
    * PROMINENCE ENERGY LTD -  WILL SUBSCRIBE FOR US$5 MILLION
IN
SHARES IN COMPANY WHICH IS PERMIT HOLDER SASANOF PROSPECT
    * PROMINENCE ENERGY LTD -  HAS FIRM COMMITMENTS TO PLACE 1.2
BILLION SHARES AT A PRICE OF 1 AU CENT PER SHARE
    * PROMINENCE ENERGY LTD -  PRIMARY USE OF FUNDS IS DRILLING
OF
SASANOF-1 WELL WITH PRM'S SHARE OF THESE COSTS EXPECTED TO BE
APPROXIMATELY A$6.5-8 MILLION

Source text for Eikon:  ID:nASXc67Pmg 
Further company coverage:  PRM.AX 

 (Reuters.briefs@thomsonreuters.com)