Titan Energy to List in ASX

Oil and gas field service provider Titan Energy (ASX: TTN) is going public by listing in the Australian Stock Exchange (ASX) on Dec 7. The company hopes to raise $5.45 million capital by issuing 5 million shares at $1 per ordinary share.

The Brisbane-based company said it plans to use proceeds of the initial public offering (IPO) to fund the balance of acquisitions for Resources Camp Hire business which it recently bought, and for working capital and capital expenditure requirements.

"Our strategy is to take advantage of the continued growth in the CSG (coal seam gas) and resources markets through our existing camp hire and drilling businesses and by expanding into other related services areas, such as equipment hire, logistics and transport services," Titan Chairman Shaun Scott said in a statement.

Resources Camp Hire offers portable accommodation, transport and catering services to companies that operate in the Surat and Bowen basins.