February 20, 2015

OilCorp Announces $3 million Capital Raising

OILCORP PTY LTD is pleased to announce a AUD$3 million (USD$2.3m) capital raising to fund in-fill drilling to further define the JORC estimate of 3.6 – 4.8 billion barrels of oil and undertake detailed analysis of the EcoShale® processing technology.

 

OilCorp is undertaking the $3m capital raising to fund:

  1. Detailed analysis of the EcoShale® process at Red Leaf Resources laboratory in Utah, USA, optimisation studies and detailed ‘produced oil’ analysis from large samples;
  2. Further in-fill drilling at Debella and Arizona to upgrade JORC/SPE-PRMS Compliant Resources;
  3. Commence preliminary mine planning/scheduling; and
  4. Commence field environmental surveys.

 

Details of the Offer:

  1. The total offer is $3 million for a 15% interest in OilCorp Pty Ltd.
  2. Minimum AUD$250,000 and maximum AUD$3,000,000.
  3. This offer will close on 20 March 2015 with settlement to occur by 31 March 2015.

The 2015 program will commence with drilling in late April followed by the EcoShale® analysis.