Jacka Resources secures $10m

Perth-based Jacka Resources says it has received all funds from an option underwriting agreement, which will be applied to upcoming appraisal and exploration work.

Announcement below:

Australian listed oil and gas explorer Jacka Resources Limited (ASX: JKA) (“Jacka” or “The Company”) is pleased to announce that it has received all funds from the option underwriting agreement announced at the end of last year.As announced on 21 November 2012 the underwriting transaction in which A$10 million of 31 December 2012 expiry listed options (“JKAO”) were underwritten, provides guaranteed funds to the Company for its upcoming appraisal and exploration drilling programs commencing in Q1 2013.In conjunction with the Company’s current cash and the carry received from Genel Energy plc on the Somaliland work program (as announced 12 November 2012), the transaction will see Jacka emerge with circa $13.0 million in cash and importantly fully funded for its upcoming operations, including wells at Hammamet in Tunisia and Aje offshore Nigeria and seismic acquisition over the Odewayne block in Somaliland.