Australis will fund the deal via a A$100 million (US$76.6 million) conditional share placement to investors, which will add to the A$30 million in cash the company had as of 1 January.
The assets cover acreage along the Louisiana and Mississippi border and includes 62,000 operated net acres within the oil production defined TMS core area and a further 60,000 acres outside of existing permitted drilling units.
