Australian Oil’s small capital raise hinges on shareholder approval for free-attaching options

SPP to Raise $250,000 with Attached Options

Australian Oil Company Limited (ASX:AOK) has announced a Share Purchase Plan (SPP) aiming to raise $250,000 by offering shares at $0.0029 each, the same price as its April placement. Eligible shareholders in Australia and New Zealand can apply for up to $30,000 worth of shares, with the added incentive of one free-attaching option for every two shares subscribed. These options are exercisable at $0.006 until June 30, 2028, pending shareholder approval at a general meeting scheduled for mid-July.

The SPP is not underwritten, but the board reserves the right to accept oversubscriptions or scale back applications at its discretion. This move follows the company’s recent $2 million capital raise in April, reinforcing its ongoing efforts to bolster its capital base for operational expansion.

Capital to Accelerate Queensland Oil Production and Exploration

Proceeds from the SPP will be directed towards enhancing production activities at the Emu Apple Oil Field (PL 264), where Australian Oil recently completed its maiden lifting of 422 barrels, and restarting production at the Riverslea Oil Field (PL 30). The company also plans to mature exploration targets within these permits and conduct evaluation studies on the Major Gas Field (PL 512) to assess the feasibility of resuming production.

This funding strategy aligns with Australian Oil’s broader Surat Basin ambitions, which have been underpinned by steady production and promising exploration signals, including iodine anomalies detected in PL 30. The company’s focus on these Queensland assets complements its existing portfolio, which includes producing wells in California and potential acquisitions globally.

Offer Timetable and Shareholder Engagement

The SPP offer officially opens on June 1, 2026, and closes on June 22, 2026, with results announced two days later. The issuance of new shares is expected by June 26, while the shareholder meeting to approve the attached options will take place in mid-July. Shareholders should note that the final amount raised may vary depending on subscription levels and board discretion.

Australian Oil’s Managing Director Stewart Walters and Investors Relations contact Kane Marshall are leading the company’s efforts to engage shareholders and advance its strategic objectives, which include expanding production and exploration in under-explored, high-potential basins.

This latest capital raise adds to the momentum generated by the company’s recent first crude oil lifting and follows a substantial $2 million capital raise that set the stage for these developments.