27/03/2012 - 11:54

Zeta launches $8m IPO

27/03/2012 - 11:54

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Perth-based oil and gas explorer Zeta Petroleum has launched an $8 million IPO to fund the appraisal and development of its Romanian oil and gas assets.

The IPO, which is being lead managed by Patersons Securities, is priced at 20 cents per share, with each share including one free attaching option, exercisable at 20 cents.

Zeta managing director Stephen West said the funds would be used to appraise and develop the Bobucu gas field and Jimbolia oil field in Romania.

Mr West said the Bobuco gas field had a contingent resource of 44.36Bcf, while Jimbolia had a prospective resource of 1.72 million barrels of oil equivalent.

“We are looking to commence drilling on the Bobucu gas field within the next 4 months and bringing the field back into full production by mid-2013,” Mr West said.

“It is a very attractive gas project in a country that imports over 30 per cent of its natural gas requirements.

“We will also use the funds to undertake field development plans on the Bobocu gas field and Jimbolia oil field as well as sourcing and reviewing additional onshore production opportunities in eastern Europe.”

Mr West said company had been pleased with the early response to the offer, with firm commitments in excess of $5 million being received to date.

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