West Perth-based gas explorer Modena Resources has announced a new $25 million finance facility to fund exploration of its natural gas assets in south Texas.
West Perth-based gas explorer Modena Resources has announced a new $25 million finance facility to fund exploration of its natural gas assets in south Texas.
Modena said the 36-month facility, provided by US-based JC Long Term Value Fund Limited, would give the company the access to the required working capital to develop its shallow well targets on Texas' Padre Island.
The company said drilling at its first target, South Sprint, was planned for the fourth quarter of 2011.
"Modena believes the funding provides the company with a better investment profile as it moves to production and will improve the potential for strategic acquisitions to incorporate with the current South Texas gas operations," the company said in a statement.