Central Petroleum $11 Million Institutional Placement
Perth, April 4, 2012 AEST (ABN Newswire) - Central Petroleum Limited (
ASX:CTP) advises that it has completed an institutional placement of $11 million through the issue of 130 million new shares at 8.5 cents per share. The placement was completed at a 6% discount to the 5-day VWAP of Central's shares.
The Placement is to provide the Company with additional working capital for further appraisal and/or drilling work on the Surprise prospect discovery in the Amadeus Basin and to augment working capital which will ensure Central has the flexibility to pursue a number of farm-outs which are in the best interests of shareholders whilst also maximising the Company's acreage valuations. The placement is being conducted in one tranche under the Company's 15% limit permitted under the listing rules without shareholder approval.
The placement was managed by Patersons Securities Limited and the Central board is appreciative of its ongoing support.
Settlement of the placement is scheduled to occur on 11 April 2012 and the new shares are expected to be quoted on that date. Participants in the placement will also receive one free attaching three-year unlisted option exercisable at 12.5 cents, for every two new shares subscribed which will be granted following shareholder approval at a general meeting to be held shortly.
About Central Petroleum Limited
Central Petroleum Limited (
ASX:CTP) is a well-established, and emerging ASX-listed Australian oil and gas producer. In our short history, Central has grown to become the largest onshore gas producer in the Northern Territory (NT), supplying industrial customers and senior gas distributors in NT and the wider Australian east coast market.
Central is positioned to become a significant domestic energy supplier, with exploration and development plans across 180,000 km2 of tenements in Queensland and the Northern Territory, including some of Australia's largest known onshore conventional gas prospects. Central has also completed an MoU with Australian Gas Infrastructure Group (AGIG) to progress the proposed Amadeus to Moomba Gas Pipeline to a Final Investment Decision.
We are also seeking to develop the Range gas project, a new gas field located among proven CSG fields in the Surat Basin, Queensland with 135 PJ (net to Central) of development-pending 2C contingent resource.
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