Horizon recently told the ASX that it had raised approximately A$10 million, before fees, of new capital through the December share purchase plan underwritten by ABN AMRO Morgans. It also has existing cash reserves of about A$4 million
Company secretary Michael Sheridan said these funds would finance the drilling of Kapul-1 in PNG and ongoing development planning for the offshore Maari field in Taranaki, New Zealand.
It would also be used for Chinese projects, inlcuding a feasibility study and development plan for the offshore Chinese Block 22/12 12-8 West field and geophysical and geological interpretation of the offshore China Lei Dong field.
Any surplus cash would be used to pursue potential new business opportunities and to address other working capital requirements, Sheridan said.
Company chairman Fraser Ainsworth said the Horizon board was pleased with the success of the new share purchase plan and also pleased to welcome a number of substantive new shareholders – an including City Natural Resources High Yield Trust and Golden Prospect, both UK institutional investors focusing on resource stocks – together with some prominent Australian resource investors.
“The participation of these experienced oil and gas investors adds strength to the shareholder register and can be regarded as an endorsement of the direction of the company and the quality of its assets,” Ainsworth said.
