Boss Energy doubles on ASX debut

Nedlands-based oil company Boss Energy Ltd has commenced trade on the Australian Securities Exchange, debuting at a 100 per cent premium.

The company, which raised a total of $3.5 million in its initial public offer, of 17.5 million shares at 20 cents each, was trading at 35 cents at 1:40 pm WST. By close the price has doubled to 40 cents a share.

The company had flagged plans to progress an aggressive exploration program upon listing, to upgrade the resource at its Tasmanian Latrobe oil shale project which currently has a JORC Code compliant resource of 72 million tonnes of Tasmanite oil shale.

Boss Energy Chairman Robert Grover said the company had rapidly progressed its exploration program at the Tasmanite oil shale and upon listing planned a significant drilling program to upgrade the resource at the project and determine recovery rates of shale oil from the bulk sample.

"Upon listing we will be continuing our ongoing drilling campaigns at the Tasmanian Latrobe oil shale project. We remain focused on progressing a very aggressive exploration program to upgrade our resources as soon as possible," Mr Grover said.

"Upon the success of our exploration the company will undertake a feasibility study to further develop the project towards production with the mining of oil shale and extraction of an oil product.

"The Tasmanite oil shale deposit is unique to Tasmania and has the advantage over other Australian oil shales in that it can be used as a source of bitumen as well as oil, so the company looks forward to unlocking the potential of the project as soon as possible.

Mr Grover said the Tasmanite oil shale project had already produced 1.13 million litres of oil from underground mining operations and had excellent road and port access being located ten kilometres south-west of the port of Devonport in Tasmania.

The board of Boss Energy is very experienced and brings together technical and corporate experience in the fields of exploration, production and project evaluation and development. The company intends to use this experience to actively review and assess other acquisition opportunities in the resources sector in Australia and overseas which have the potential to add value for shareholders.