Central Petroleum raises $2.2m in options issue

South Perth-based oil and gas explorer Central Petroleum Ltd has raised $2.2 million through an options issue after existing shareholders took up 66 per cent of the offer.

The full text of a company announcement is pasted below

Central Petroleum is delighted to announce that it has issued a total of 58,015,038 options with an exercise price of 25 cents each and an expiry date of 30 June 2010 under the terms of its Prospectus dated 11 July 2007, which provided a non-renounceable offer of 1 option for every 2 shares held by shareholders on the record date of 17 July 2007. The issue raised $1,450,376 before costs and represents a 66% take-up of the offer by entitled shareholders. Application has been made to ASX for listing of these options, which are expected to be quoted from 23 August 2007 under the symbol "CTPOA".

This options entitlement issue was underwritten by Martin Place Securities Pty Limited ("MPS"), which has been given notice of, and accepted, the shortfall of 29,946,722 options. The company anticipates being able to complete the underwriting arrangements with MPS shortly, thereby raising an additional $748,668 bringing the total raised under the options entitlement issue to $2,199,044. A further notice will be issued when the underwriting arrangements are completed.