We continue to be very encouraged by our Georgian success. We have successfully cased our first Georgia light oil well a couple of weeks ago, ready to do a 5 stage frac starting mid-February when frac equipment is scheduled to arrive in the country.
Iskander closed on $2.8m of financing from an existing shareholder early in October. This issue was done at $0.75 per unit, comprised of one share and a full warrant exercisable at $1.50 for 18 months.
We continue to pursue alternative methods of financing; including farmout, sale of non-core assets and sale of well data.
We have started our drilling operations and expect to have more or less continuous drilling, stimulation and completion operations to year end on two key opportunities, Ukraine CBM and Georgia light oil. We have reached total depth in our first CBM well in Ukraine this week.
We have a busy and productive year ahead of us. After a solid start to our financing with a $7 million closing, we will be completing our fundraising over the next month. We will then proceed with our first operations on our expansive Ukraine coal bed methane (CBM) opportunity. We will be re-entering three existing wells and drilling two new CBM wells.
