WHL raises $8m for Seychelles exploration

WHL Energy has completed a capital raising worth nearly $8 million to fund exploration at its Seychelles gas acreage off the coast of Africa.

The placement, which was priced at 4.4 cents per share, was supported strongly by international and Australian institutional investors, WHL said.

Managing director Steve Noske said the company’s 2012 work program at Seychelles, a 21,426 square kilometre exploration portfolio, would be fully funded by the placement.

“Whilst our partnering discussions in the Seychelles remain on track, the strengthening of the company’s funding position supports these discussions,” Mr Noske said.

The capital raising was co-managed by Hartleys Limited and GMP Securities.

At 10:30AM, WST, WHL shares had lost 5.6 per cent, trading at 5 cents.