Central Petroleum Limited Stock Market Press Releases and Company Profile
Share Placement to Raise AU$6 Million
Share Placement to Raise AU$6 Million

Brisbane, Sep 24, 2014 AEST (ABN Newswire) - Central Petroleum Ltd (googlechartASX:CTP) ("Central" or "Company") has agreed to place 20 million shares at $0.30 per share with institutional investors in Australia and Hong Kong raising $6 million. The $0.30 issue price represents a 1.7% discount to the 10-day VWAP.

The proceeds from the Placement in conjunction with existing cash reserves will ensure the Company has the capital required to fund its gas exploration programme and normal Company expenses.

"This capital raising enables the Company to be a potential participant in the eastern seaboard market, particularly should the Northern Territory become interconnected with that market" said Richard Cottee, Managing Director, Central Petroleum Limited.

DJ Carmichael Pty Ltd acted as the Lead Manager to the Placement.

Placement Details:

The Company will issue 20,000,000 fully paid ordinary shares at an issue price of A$0.30 per share. The Placement will be made available within the Company's available 15% placement capacity as defined under ASX Listing Rule 7.1.

Settlement of the Placement is expected to occur on Wednesday 1 October 2014, with the new shares expected to be allotted and to commence trading on ASX on Thursday 2 October 2014. The new shares will rank pari passu with existing shares.


About Central Petroleum Limited

Central Petroleum LimitedCentral 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.

abnnewswire.com 


Contact

Investor and Media Inquiries:
Greg Bourke: +61-478-318-702
Sarah Morgan: +61-421-664-969



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