OTC Markets Group Inc. (OTCQX: OTCM) says that Titan Energy Ltd. (ASX: TTE; OTCQX: TTENY), an Australian oil and gas exploration and production (E&P) company, has qualified to have its American depositary receipts (ADRs) trade on the OTCQX marketplace.
Titan Energy began trading June 23 on OTCQX under the symbol "TTENY," where each ADR represents 200 ordinary shares.
BNY Mellon serves as Titan Energy's principal American liaison (PAL) on OTCQX, responsible for providing guidance on OTCQX requirements.
Titan Energy has oil production from the Allen Dome oil field in Texas, and has a US$75 million joint development agreement to fund in-field development oil exploration. The three-year funding package will allow the company to fully explore its key assets: the Allen Dome salt dome in Brazoria County, Texas, and the recently acquired Boling Dome in Wharton County, Texas. Titan began a multi-well drilling program on the northern flank of Allen Dome with the spudding of the JT Reese 14 well on March 15.