Australia’s Tellus farms into US oil play

摘要

Singapore—Australian independent oil exploration and mining company Tellus Resources Ltd. has farmed into two leases near the Covenant oil discovery in Utah in the US. Under the deal Adelaide-based Tellus will take a stake of up to 83% and become operator of the two leases. The Australia-listed firm aims to raise $1 million via the issue of new shares to help fund the transaction, the company said Tuesday.