Former explorer Orca Energy might be coming back to life with a new deal
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Shell company Orca Energy may be coming back to life, with a new deal almost signed, sealed and delivered.
The deal, which it says is still in the early stages, would involve a capital raising and relisting.
The company was suspended in June 2016 after an arrangement with Mobimedia to use it as a vehicle for a backdoor-listing fell through.
The company had been in strife since 2015, when it sold its Cooper Basin gas assets to Senex Energy for $2 million.
Orca (ASX:OGY) made $31,000 in interest in the last half and spent $223,595 on suppliers and staff costs.
However, it does have one very attractive asset: $3.7 million in cash.
Orca says it will have an update on who it’s talking to before the end of March.
Orca is a $5 million company and hasn’t traded above 3c in the last 12 months. It was flat on this news on Monday morning at 1.2c.