12/11/2007 - 10:14

Exoma Energy seeks $8m in US oil and gas IPO

12/11/2007 - 10:14

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Perth-based Exoma Energy Ltd is seeking up to $8 million in an IPO intended to purchase leases and producing oil and gas assets in the US as well as fund further development.

Exoma Energy seeks $8m in US oil and gas IPO

Perth-based Exoma Energy Ltd is seeking up to $8 million in an IPO intended to purchase leases and producing oil and gas assets in the US as well as fund further development.

Issuing 40 million shares at 20 cents each to raise the money, with a minimum subscription of $7 million, the compay's existing shareholders currently hold about 46 per cent of the proposed post-float equity.

Exoma was formed to become a junior onshore US oil and gas producer through the acquisition of the Anadarko Basin leases in Oklahoma and Texas from West Perth-based Antares Energy Ltd, along with the six production wells and infrastructure.

According to its propospectus, these assets provide the company with immediate production and revenues, and the opportunity to further develop the field with 14 more potential drilling locations being identified.

About $4.5 million from the funds raised will be used to complete the proposed transaction. Additional funds will for development and exploration program as and achieve listing on the ASX, fund future development activities and working capital.

The business is chaired by John Hopkins and has David Rowbottam as managing director. Non-executive directors are Brendan Egan and Steven Noske.

Mr Hopkins is currently Chairman of duel ASX and TSX listed Adamus Resources Ltd, North Australian Diamonds Ltd and is a non executive director of Top End Uranium Ltd.

Mr Rowbottam was previously group financial controller for Antares Energy until July 2007. He has also held senior financial executive positions at Alinta Ltd and BHP Billiton Ltd.

Manager to the offer is Allegra Capital Pty ltd, lead broker is Indian Ocean Capital Pty Ltd and the investigating accountant was PKF Corporate Advisory Services (WA) Pty Ltd. Legal advice was provided by Steinepreis Paganin.

HLB Mann Judd served as company auditor.

The minimum subscription for the 20 cent shares is $7 million.

The offer, which opened on November 8, is due to close on December 4.

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