AOG said the decision by ASIC means the right issues remains on track and will close on 18 March. ASIC wanted greater clarification on how the money raised would be allocated and greater details on the bridging finance terms and conditions with Pico Holdings Inc.

In the prospectus, AOG said it wanted to use the funds to complete the purchase of a new deep-capacity drilling rig to undertake a long-term drilling contract with ExxonMobil in Indonesia. In addition, the funds were to be used to re-equip and upgrade two mobile, medium capacity drilling rigs for its long-term contracts with Petroleum Development in Oman.