Skip to main content

WellDog expanding and developing

Published by , Editor
World Coal,


WellDog, an energy-focused technical services company that delivers practical technical and business solutions, has raised AUS$4.25 million in new debt financing from Cash Resources Australia of Sydney. The financing is secured by the company's trade assets related to its quickly growing coalbed methane (CBM) business in Queensland.

"We are delighted to have support of this caliber to make our technology and services more widely accessible to customers in the Australia coal seam gas market," said WellDog CFO Trenton Thornock. "The nearly singular growth and profit trajectory of WellDog continues to require increasing levels of working capital as customers fully realise the increased production and reduced operating costs possible by utilising WellDog's practical, cost effective and data-driven solutions."

Despite the downturn in the global hydrocarbon economy, WellDog continues to grow as a result of innovation in technology and business models, coupled with a strong customer focus.

"This new financing positions the company for significant additional equity and debt financing and commercial growth in 2016," concluded Thornock.

Edited from press release by Harleigh Hobbs

Read the article online at: https://www.worldcoal.com/cbm/29032016/welldog-expanding-and-developing-470/

You might also like

EMI

Electrification in Mining virtual conference

Join us on 16 April 2024 for Global Mining Review's first Electrification in Mining event is an interactive virtual conference, focusing on electrification as the future of sustainable mining and exploring the innovative approaches and technologies being developed to facilitate its implementation.

Register for FREE »

 
 
 

Embed article link: (copy the HTML code below):