Argonaut was engaged in raising capital for Enerdrill Pty Ltd in 2014 and 2013. Enerdrill Pty Ltd is an Australian private oil & gas drilling company founded in 2012 by high-profile Perth businessmen from the investment banking, trucking and drilling sectors, including Argonaut. Enerdrill was created in response to the lack of functional and compliant medium and heavy rigs in Australia capable of drilling to depths of 5,000m. The proceeds acquired through Private Placement and Debt Facility were used to complete refurbishments for Rigs 2&3 of New Standard Energy’s Carnarvon and flagship Canning Basin asset. Resources were also allocated to acquire a fourth rig (R-4) to expand drill exploration.

Enerdrill Pty Ltd first bought three drilling rigs to meet the rising demand for heavy-duty drilling rigs in Australia. Enerdrill’s Rig-1 has been awarded a contract for workover operations in Western Australia’s north starting in October 2013, while Rig-2 was awarded by the New South Wales Government beginning November 2013. Rig-3 has been awarded a drilling contract by New Standard Energy to explore their Carnarvon and Canning Basin projects. Following these, Rig-4 was acquired in response to increasing demand from operators for rigs capable of drilling 1,500m to 3,000m wells with a rapid rig-up/rig-down (RU/RD) solution.