International Petroleum to raise $US35m

Tony Sage-chaired International Petroleum has reported strong interest in its recent share placement, saying it has received firm commitments to raise $US35 million, $US10 million more than initially proposed.

The placement, originally booked to raise $US25 million, was priced at 20 cents per share.

Mirabaud Securites acted as bookrunner to the placement, while Paterson Securities is acting as selling agent.

The Perth-based oil and gas explorer, which is listed on the National Stock Exchange of Australia (NSX) owns a series of oil and gas exploration assets in Russia and Kazakhstan.

It said it remained focused on exploration at those projects, but would continue to scour the market in Russia and Africa for additional acquisition opportunities.

Following completion of the placement, International Petroleum would have a market capitalisation of around $224 million.

At 9:41AM, International Petroleum shares on the NSX had dropped 11 per cent, to trade at 20.5 cents.