15/03/2010 - 09:50

Central Petroleum to raise $22.6m

15/03/2010 - 09:50

Bookmark

Save articles for future reference.

South Perth-based Central Petroleum has today unveiled plans to raise $22.6 million through a rights issue that has been fully underwritten by Patersons Securities.

South Perth-based Central Petroleum has today unveiled plans to raise $22.6 million through a rights issue that has been fully underwritten by Patersons Securities.

The oil and gas outfit has announced a one-for-two rights issue with each share priced at 7.5 cents. Central will also issue one free option, exercisable at 16c before the start of April 2014, for every five new shares subscribed to.

Shares in Central dropped 1.7c, or 16.2 per cent, to 8.8c at 1224 AEDT.

Central managing director John Heugh said funds will be used to further explore the Amadeus Basin in the Northern Territory.

"Central Petroleum plans to drill between three and six conventional wells in the Amadeus Basin during the second half of 2010, including one in the Pedirka Basin commencing May 2010," he said.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options