18/08/2014 - 15:53

Winchester float draws dollars

18/08/2014 - 15:53

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A private investor has committed $5 million to the public listing of US-focused oil and gas explorer Winchester Energy.

Winchester float draws dollars

A private investor has committed $5 million to the public listing of US-focused oil and gas explorer Winchester Energy.

CPS Capital Group and Patersons Securities Corporate Finance have spent the past week marketing the IPO through a roadshow on the east coast, ahead of the planned listing on September 18.

It’s understood an investor from Asia put $5 million into the raising ahead of the investor roadshow.

CPS Capital’s Jason Peterson said he was confident the IPO would raise $20 million despite the tough market for new listings.

Mr Peterson said the key was the depth of experience in the board, which includes oil and gas dealmaker Peter Allchurch, Houston-based geologist Neville Henry, and lawyer John Kenny.

Winchester has agreed to buy an 80 per cent interest in a 4,647-acre position in the Permian Basin, Texas, from a group of vendors including directors Messrs Henry, Allchurch and Kenny.

It also has a 50 per cent stake in Thomas 119-1H well in Nolan County, Texas, through a joint venture with local US oil company and operator CraRuth.

Recent drilling of this well revealed oil and gas shows throughout the 2,500 feet, and independent log interpretations indicated just over 700 feet of conventional pay zones.

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