06/02/2012 - 14:34

Central raises $9.9m through placement

06/02/2012 - 14:34


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Central raises $9.9m through placement

Central Petroleum has completed a $9.9 million capital raising to continue exploration efforts at its Amadeus Basin oil and gas prospects in the Northern Territory.

The Perth-based oil and gas explorer announced today it had issued 50 million new shares at 5.5 cents per share to institutional, sophisticated and professional investors.

The placement was managed by Patersons Securities.

Settlement is expected to occur February 9.

The company said the funds would be applied to ongoing appraisal of the Surprise prospect oil discovery in the Amadeus Basin.

It said it was evaluating alternative scenarios for the lifting, transportation and sale of any oil produced during an extended production test at Surprise.

Work is underway to obtain the necessary permits and regulatory approvals to facilitate the test, Central said.

At close of trade today Central Petroleum stocks were down 6.7 per cent, to trade at 5.6 cents.


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