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/