"There has been good demand for Central Petroleum stock from local and overseas investors who had recognised the high-reward opportunities from large drillable structures in quality petroliferous basins," said lead manager for the issue, Martin Place Securities managing director Barry Dawes.
Strong demand from across the Tasman also encouraged Central to complete the New Zealand compliance for the prospectus to be actively marketed there by Direct Stockbroking, Dawes said.
The company said it had also received more than 5,000 visits to its website.
Central Petroleum plans to fund up to six wells in a two-year program in central Australia. The program will target about 300 million barrels of oil, 3400 billion cubic feet of gas and over 100 billion cubic feet of helium, where drilling statistics to date have resulted in an average discovery rate more than double that of the Cooper or Perth Basins.
