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Articles by Sabre Resources
Apollo raises $6m
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Norwest delay at Xanadu
West Perth-based oil hopeful Norwest Energy has said a delay in regulatory approvals has pushed back the targeted start of a seismic survey at its Xanadu prospect in the Perth Basin until at least March 2019. Login below or For first time subscribers, our monthly payment starts at $1 + GST for the first month. To read more, pleasebelow or Subscribe For first time subscribers, our monthly payment starts at $1 + GST for the first month.
$10m capital raising for Greenland
Greenland Minerals and Energy is set to raise $10.25 million through a share placement with the funds to be spent on technical optimisation and completion of permitting for its Kvanefjeld rare earth project. Subiaco-based Greenland has received firm commitments for $9 million from Asian and Australian institutional investors while major shareholder Shenghe will retain their 12.5 per cent stake by investing $1.25 million.
WA stocks drive BN30 index to near record
Investors appear to have shaken off a drop in gold and iron ore prices at the end of Septembeer to back Western Australia’s businesses, with Business News’ BN30 index of local shares closing the September quarter near record highs. The index, which is an unweighted average of 30 WA-focused stocks picked by Business News, closed the quarter at a value of 126.1, about 10.2 per cent higher than the same point in 2016, and up around 26 per cent from its start in January last year.
Shares jump on Xanadu result
Shares in three local energy companies have lifted by around 40 per cent on average after hitting hydrocarbons while drilling the Xanadu-1 offshore prospect in the Perth Basin. Shares in West Perth-based project operator Norwest Energy were up 50 per cent to be 0.6 cents each at the time of writing, while shares in Triangle Energy, which is earning into 30 per cent of the project by funding 40 per cent of drilling fees, rose 37 per cent to 18.5 cents each.
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