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Prominence Energy: Raises $800K for Bowsprit

January 16, 2021

Prominence Energy (PRM) has agreed to undertake a share placement to raise $800,000 before costs
More than 114.2 million shares will now issued to new and existing sophisticated investors at 0.7 cents
Prominence Energy will use the funds to advance the Bowsprit farm-out project and fund reviews of new assets
Bowsprit lies 70 kilometers southeast of New Orleans in Louisiana and covers an area of 4.67 square kilometers
Prominence Energy is now planning to drill a vertical pilot hole at Bowsprit to evaluate the prospective reservoirs
On market close, shares in Prominence Energy are down 11.1 percent and trading at 0.8 cents