Energy Investments has arranged the placement of 20 million shares, with capacity to accept oversubscriptions of up to a total of 35 million new shares, at 15c each. InterFinancial is managing the placement to sophisticated investors.
Proceeds of this placement will be used in PEL 106 with a view to moving to production in the near term and to begin development activities to establish reserves in Energy Investment’s CSM prospects.
The company’s PEL 106 farm-in blocks contain the Cadenza, Paprika, Rossco, Nutmeg and Paranta gas discoveries. Great Artesian Oil and Gas is the operator.
Energy Investments’ Queensland CSM assets comprise 23,000 square kilometres over five productive basins. This includes the recent Burrum Syncline Area farm-in near Maryborough in which the company acquired 90% of this acreage from Magellan Petroleum.
