Mako Energy Commencement Trading on Australian Securities Exchange
Mako Energy Limited has today formally commenced trading on the Australian Securities Exchange (ASX)(ASX: ASX.AX). Mako Energy recently completed a fully oversubscribed raising of A$4m priced at 20 cents per share. Mako Energy Limited (ASX: MKE.AX) is a Canadian oil and gas business with advanced assets and an aggressive acquisition strategy.
Mako is targeting cumulative production to reach 1000 bopd by the end of this year or Q1 2011 i.e. within 6 months of commencing business.
Mako will develop a portfolio of high quality assets and future prospects within the established Canadian oil and gas industry. Upon completing the acquisition of its JV partner Harness Petroleum Inc today, the Company will have:
- an initial asset base of more than A$68m of independently assessed foundation assets;
- fully integrated Canadian management and operational team; and
- a pipeline of opportunities with exposure to one of the most prolific oil zones in the world.
Initial production is expected to commence within 2 months from the Provost asset, one of Mako’s initial projects. Drilling will commence on Mako’s Saskatchewan landholdings prior to the end of 2010 and at least one further asset is expected to be acquired and brought into production by Christmas 2010.
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