Subiaco-based oil and gas explorer Modena Resources Ltd has performed well in its debut on the Australian Securities Exchange, closing up 20 per cent in its first day of trade.
Shares in the company closed at 24 cents today, up from its offer price of 20 cents, from its offer of 30 million shares to raise $6 million.
The company, previously known as "Snowdome Investments Ltd" has acquired a 10 per cent stake in two petroleum lease blocks in Kern County, California.
Modena will also fully acquire US-based Murviel, which owns a 10 per cent working interest in the Wilson Prospect on Padre Island off the coast of Texas. The company plans to join a joint venture with US-based Kindee Oil & Gas LLC and Pantheon Resources LP to work on the project.
The company is chaired by White Cliff Nickel chairman Peter Hampshire, who is joined on the board by Neville Bassett and Craig Willis. Linton Scott serves as company secretary.
BDO Kendalls acted as auditor to the deal, while HLB Mann Judd acted as independent accountant. Blakiston & Crabb are solicitors to the company.
