Nido share placement to raise $19m
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Perth-based Nido Petroleum Limited has announced that it will raise $19 million to develop its Galoc Oil Project in the North West Palawan Basin, offshore Philippines.
The oil and gas explorer and producer with production and development assets in the Philippines will be issuing 127 million shares at a price of $0.15 per share.
Nido will initially issue 95 million shares under its 15 per cent placement facility with the balance being issued subject to shareholder approval.
Production start-up is planned for the Galoc Oil project by first quarter 2007. The placement proceeds will also be applied towards geological and geophysical analysis on other exploration portfolios in the Philippines Palawan Basin and in the North Sea and general working capital needs of the company.