Winchester Energy Limited (ASX: $WEL) completes successful capital raising

Winchester Energy Limited (ASX: $WEL) has successfully completed a placement to sophisticated and professional investors, raising $750,000 before costs. Additionally, the company will undertake a non-renounceable entitlements issue to eligible shareholders to raise up to approximately $765,000. The new shares will be issued at a price of $0.003 per share.

Executive Director Rory McGoldrick's comments on the capital raising

Following recent board and senior management changes, we are pleased to have received strong support from both existing shareholders and new investors. Not only will the placement and entitlements issue allow us to focus on growing production from our existing assets, it also provides the company with additional capital to pursue new growth opportunities.

Summary of Winchester Energy's capital raising and future plans

Winchester Energy Limited (ASX: $WEL) has successfully completed a placement and entitlements issue, raising a total of $1,515,000. The proceeds will primarily be used to fund operational activities to increase production and revenue across the company's West Texas oil assets, evaluate new growth opportunities, and cover working capital and corporate costs. The company's executive director, Rory McGoldrick, expressed gratitude for the strong support received from both existing shareholders and new investors. The departure of Mr. Doug Holland as Chief Operating Officer and his subsequent resignation from the board of directors were also announced. Winchester Energy aims to utilize the raised capital to focus on growing production from existing assets and pursue new growth opportunities, indicating a positive outlook for the company's future endeavors.