08/08/2012 - 14:23

Yeeda lodges prospectus for $9.6m IPO

08/08/2012 - 14:23

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Yeeda Oil has launched a $9.6 million initial public offering and is aiming to list on the Australian Securities Exchange in early September.

The Perth-based early-stage oil and gas explorer is largely focused on the onshore Canning Superbasin in Western Australia.

Its two projects in the basin hold potential recoverable reserves of around 92 million barrels of oil.

The company lodged its prospectus with the Australian Securities Investments Commission today.

“The Canning Basin is back on the radar, and a number of major players are scrambling to get involved,” chief executive David Archibald said.

Yeeda’s IPO will be priced at 20 cents, and the company is expecting to list on the ASX around September 7.

Mr Archibald said the company hoped to replicate the success of Buru Energy, with its discoveries in close proximity to Buru’s Ungani oil find, also in the Canning Basin.

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