Emerging Western Australian oil and gas player First Australian Resources Ltd has finalised the placement of 95 million shares to raise $12.35 million to pursue its exploration programme.
Emerging Western Australian oil and gas player First Australian Resources Ltd has finalised the placement of 95 million shares to raise $12.35 million to pursue its exploration programme.
The allotment of shares was predominately to British, North American, Asian and domestic institutional clients of Hartleys Limited.
The company is now fully funded for what its Huston-based exploration program, the highlights of which include:
* A 3D seismic survey to be conducted on the deep water offshore senegal blocks to further refine the prospects and leads (including large turbidite fans) identified on reprocessed 2D seismic by JV partner Hunt Oil, a number of which are capable of hosting several hundreds of millions of barrels of oil;
* Multiple wells to be drilled in the Gulf of Mexico including Offshore Galveston Bay (rig contracted for 15 July 2006) and Lake Long Deep;
* Gas plays at Kakwa (now testing) and Clear Hills in Alberta, Canada, where gas has already been discovered in both projects; and
* Offshore China where the Joint Venture has announced an oil discovery that is undergoing testing over multiple zones in the Wei 6-12-South wildcat well.
FAR executive chairman Michael Evans said that the company had now secured a class of shareholder that could match the company's growth ambitions.
"The ability of FAR to attract this level of support reflects not only its maturing status as an oil and gas producer and explorer but also the high caliber of its exploration portfolio, particularly China, West Africa and North America," he said.
THE FULL ASX ANNOUNCEMENT AND MEDIA RELEASE APPEARS BELOW.
FAR RAISES $12.35 MILLION FOR WORLD CLASS EXPLORATION PROGRAM
The Directors of First Australian Resources Limited are pleased to announce that, following
shareholder approval, the Company has allotted 95 million shares predominately to British, North
American, Asian and domestic institutional clients of Hartleys Limited.
The Company is now fully funded for what will be a world class exploration program emanating from
its Houston office, the highlights of which include:
* 3D seismic survey to be conducted on the Deep Water Offshore Senegal blocks to further refine the
prospects and leads (including large turbidite fans) identified on reprocessed 2D seismic by JV partner
Hunt Oil, a number of which are capable of hosting several hundreds of millions of barrels of oil;
*ultiple wells to be drilled in the Gulf of Mexico including Offshore Galveston Bay (rig contracted
for 15 July 2006) and Lake Long Deep;
* Gas plays at Kakwa (now testing) and Clear Hills in Alberta, Canada, where gas has already been
discovered in both projects; and
* Offshore China where the Joint Venture has announced an oil discovery that is undergoing testing
over multiple zones in the Wei 6-12-South wildcat well.
The Directors would like to extend a welcome to new shareholders of the company and thank existing
shareholders for their support at last Fridays's meeting. The company is pleased to introduce to its
register some of the most highly renowned institutional oil and gas investors.
Commenting on the placement, Executive Chairman Michael Evans said:
"FAR has now secured a class of shareholder that can match the company's growth ambitions. The
ability of FAR to attract this level of support reflects not only its maturing status as an oil and gas
producer and explorer but also the high caliber of its exploration portfolio, particularly China, West
Africa and North America. "