Target Energy set for $8.5m capital raising

Balcatta-based petroleum exploration company Target Energy Ltd aims to raise $8.5 million for drilling programs at eight potential oil and gas wells in Louisiana and Texas.

The company, which will sell 42.5 million shares at 20c each, will also accept oversubscriptions of up to 7.5 million shares to raise an additional $1.5 million. The offer is not underwritten.

Target is chaired by corporate solicitor and Murcia Pestell Hillard chairman Didier Murcia, who also serves on the boards of Gindalbie Metals Ltd and Gryphon Minerals Ltd. He is joined on the board by managing director Laurence Roe, formerly of Bounty Oil and Gas NL, Flare Petroleum NL co-founder Michael Martin and chartered accountant Paul Lloyd.

HLB Mann Judd are acting as auditors and independent accountants to the company, with Murcial Pestell Hillard acting as the company's solicitors.

The offer will open on October 16 and close on November 16.