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 an established ASX-listed Australian oil and gas producer (ASX:CTP) with exploration and appraisal permits in the Northern Territory (NT). Central has grown to become the largest onshore gas operator in the NT, supplying residential and industrial customers in the NT and wider Australian east coast market.
Central is seeking to become a major domestic energy supplier, in addition to helium and naturally occurring hydrogen, with exploration, appraisal and development plans across 169,112 km2 of tenements the NT, including some of Australia's largest known onshore conventional gas prospects in the Amadeus Basin.
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