Zeta Petroleum has announced its intention to list on the ASX by the end of first quarter next year, after it closed its pre-IPO placement oversubscribed.
The placement raised $1.35 million, with the funds going to develop the Bobocu gas field and the Jimbolia oil field, in which the company holds a 50 per cent stake.
Headquartered in Perth, the company holds exploration assets prospective for the development of oil and gas in Romania and Eastern Europe.
Managing director Stephen West says he was very pleased with the placement closing oversubscribed, especially in the current market environment.
“Zeta’s strategy is targeting proven oil and gas reserves in Romania with near term production and low risk exploration,” he said.
The company plans to release a Prospectus in early 2012 to raise a further $10m through an IPO before listing at the end of first quarter, 2012.
