Indus scraps ASX listing bid

Perth-based Indus Energy has withdrawn plans to buy South Australian company New Era Oil and Gas and re-list on the ASX, after it concluded it could not raise the $4 million required.

Indus’s reverse takeover of New Era Oil and Gas is dead in the water, after the company said it received advice from its lead manager Nascent Capital Partners and corporate adviser Adelaide Equity Partners that the capital raising would be highly unlikely to succeed.

The company will be de-listed after more than three years in a trading halt, and it will be placed into administration to conduct a solvent winding-up.

“The board of the company is very disappointed with this outcome, having expended significant time and resources to satisfying the key regulatory requirements to see the company’s securities re-instated to trading and deliver a satisfactory result for our shareholders,” Indus said.

New Era had farm-in rights to several oil and gas permits in the Cooper/Eromanga Basin in South Australia and Queensland.

Indus and New Era signed the reverse takeover deal in June.