Central Petroleum adds to working capital through options issue

South Perth-based oil and gas explorer Central Petroleum Ltd will offer 102.7 million options at 2.5 cents to eligible shareholders to supplement its working capital, the company has announced.

Shareholders will be entitled to participate in this non-renounceable entitlement offer of options on the basis of 1 option for every 2 shares held. Each option will have an exercise price of 25 cents with an expiry date of June 30 2010.

The Offer is being conditionally underwritten by Martin Place Securities Pty Ltd, and will close on August 17.