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Highlights
- Shares of Top End Energy traded strongly on its ASX debut, with the stock trading at double its IPO price at one point during the intraday trading session.
- The company raised AU$6,400,000 in IPO by issuing 32 million shares at an issue price of AU$0.20 per share.
- At 1 PM AEST today, Top End Energy started trading on the ASX board under the ticker code ASX:TEE.
The energy company, Top End Energy (ASX:TEE) engaged in exploring oil, gas, and helium, became a centre of attention on its ASX debut today (April 4, 2022). The company commenced trading on ASX at 1:00 PM AEST today under the ticker code ASX: TEE.
Top End Energy Limited was admitted to the official list of ASX on Thursday, 31 March 2022. On its first day of trading, the company’s shares were spotted trading 77.499% higher at AU$0.355 per share on ASX at 2:13 PM AEST. It is worth mentioning that the company intends to become a net-zero emissions energy producer.
Meanwhile, the energy sector traded in the green today as the S&P/ASX 200 Energy (ASX:XEJ) index was up 0.830% at 10085.200 points at 2:30 PM AEST.
An announcement dated 31 March 2022 stated that TEE raised AU$6,400,000 pursuant to the offer under its replacement prospectus dated 24 November 2021 as varied by the supplementary prospectus (9 February 2022) by the issue of 32,000,000 shares at an issue price of AU$0.20 per share.
Today, at the time of writing this article, the bid/offer range was between AU$0.355 - 0.360.
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The company has said that S3 Consortium Pty Ltd will provide digital marketing and promotional services to Top End Energy. S3 Consortium Group is a significant shareholder in Top End Energy Ltd with 3,725,000 ordinary shares in the company, representing 5.35% voting rights.
Image Source: © Madartists | Megapixl.com
In a significant boost to the energy fans, the net-zero-focused oil and gas explorer saw its share price opening at double its IPO offer price today. At one moment, the stock traded 40 cents apiece. The energy company is focused on its projects in Queensland and the Northern Territory. It owns a hydrocarbon permit for Queensland’s ATP 1069, called the Tri-Star Project.
On 5 November 2021, the company, through its wholly-owned subsidiary Tomorrow Energy Corporation Pty Ltd, acquired the Tri-Star Project comprising ATP permit 1069.
The Group had said that it will acquire a 50% interest in the TG Project, effective upon listing on the Australian Stock Exchange (ASX). McKam Aust Pty Ltd will hold the remaining 50% interest in the project as trustee for the Charlotte Investment Trust.
For the half-year ended 31 December 2021, the Group incurred a net loss after tax for the period ended 31 December 2021 of AU$639,471 and had net cash outflows from operating activities at AU$362,267. As of 31 December 2021, the Group held total cash reserves of AU$327,744 and had total liabilities of AU$792,376.
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Meanwhile, the shares of other ASX-listed energy companies, Woodside Petroleum Limited (ASX:WPL) and Santos Limited (ASX:STO) also traded in the green today.
Santos shares traded 0.506% higher at AU$7.940 per share on ASX, while the stock WPL was up 0.887% at AU$32.970 per share on ASX during the intraday trading session.
