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Cossack Energy completes first tranche of $1.1M placement


Aptly named Cossack Energy (ASX: COD) has completed the first tranche of a $1.1 million placement to progress farm-out negotiations and a listing on the UK AIM exchange.

The company has received $413,153 through the issue of 2,951,090 shares priced at $0.14 each.

The second tranche of $706,709 is expected to close on or about 31 January 2014.

Cossack expects to use funds from a successful AIM listing to spud a well on its wholly-owned Limnytska Licence in the Ukraine and allow for growth via acquisition.

It is in talks to farm out the licence in western Ukraine that could allow it to reduce its work commitments while retaining a meaningful free-carried interest.

The company is also carrying out a 130 line kilometre 2D seismic program to delineate the shallow and deep prospects identified by the Soviet era seismic data.

This data will also assist with defining the exact alignment of the proposed new exploration well into the shallow reservoir, which is anticipated to be drilled in the second half of 2014, as well as a resource upgrade due to the formation being better defined.


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