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Australian Oil Company to raise capital, focus on oil and gas onshore California

Australian Oil Company to raise capital, focus on oil and gas onshore California

Australian Oil Company (ASX: AOC) is heading to market with a capital raising, with the ASX granting the company a trading halt.

AOC's shares are now in pre-open.

Towards the end of 2013, AOC appointed Gary Jeffery as managing director, with Jeffery having over forty years of project development, operations and exploration experience in the oil, gas and mining and energy utilities industries.

AOC has also recently streamlined its assets to focus solely on highly prospective onshore California exploration opportunities, which includes a joint venture agreement with Xstate Resources (ASX: XST).

The halt will remain in place until the opening of trade on Monday 10th February 2014, or earlier if an announcement is made to the market.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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