Nido launches $32m raising

Philippines-focused oil and gas play Nido Petroleum has launched a $31.9 million capital raising to fund drilling work at its Galoc project.

Perth-based Nido will raise the funds by way of a 11.2-for-one renounceable entitlement offer priced at 6.5 cents a share.

The offer, which was not underwritten, represents a 36.8 per cent discount to the company’s three-month volume-weighted average price.

Proceeds of the raising will be used to fund drilling work at the Galoc-7 appraisal well offshore the Philippines, in which Nido holds a 55.8 per cent stake.

Nido’s 81.2 per cent shareholder BCP Energy International has committed to take up all of its pro rata entitlement, representing $25.9 million worth of the raising.

Miro Advisors and Allens are advising Nido on the raising, with Hartleys brokering the raising.

Nido shares were 6.6 per cent higher to 8 cents each at 11:30am.