Nuenco to raise $4.3m to fund Californian projects

Subiaco-based junior oil and gas explorer Nuenco NL is looking to raise over $4.3 million to fund the testing, appraisal and development of Nuenco's South East Lost Hills oil and gas project and its other Californian interests.

In its prospectus, lodged with ASIC on 5th April, the company said its aim was to maximise the return on it's oil and gas exploration dollar.

It's strategy has been to focus on a highly prospective area and build a substantial working interest in the San Joaquin Valley in California.

The capital raisings, announced to the ASX on 14th February, include a pro-rata renounceable rights issue to raise approximately $2.1 million and a non-renounceable old options entitlement issue to raise approximately $2.2 million

Both issues are fully underwritten by Aegis Partners Ltd.

The issues will close at 5.00pm WST on 9 May 2006.