"We want to considerably boost our work-in-hand rate and this now requires a substantial expansion of our existing project opportunities,” managing director Warren Leslie said.

“While we are considering up to five Cooper Basin projects, the rate at which they are crystallised will depend on current capital raisings.

“The intention is to commence in 2005-2006 with at least six new drill targets on the drawing board, compared to our maiden drill program of five wells when we listed in May last year.”

Enterprise Energy’s non-renounceable 10 cents per share SPP closes on July 17. The company is offering up to 19 million ordinary shares to raise about A$1.9 million to fund new exploration wells.

Enterprise was encouraged by the rapid take-up by investors of this month’s placement, Leslie said.

It considered investor interest an endorsement of its exploration strategy and potential upside of its focus on building an oil and gas business around the Cooper and Surat basins, he said.

“The uptake rate for the current share purchase plan will determine how many, if not all, of the assets under negotiation can be acquired.”

Part of the company’s latest injection was invested in a farmin on a new project, Yanerbie-1, an oil target 150 kilometres north of Moomba in PEL 110 that spudded on Wednesday.

In the past year, Enterprise has drilled five wells. Its first gas production – from the Smegsy-1 discovery well in PEL-106 - is due to come online in the next few months.

Smegsy-1 flowed up to 8 million cubic feet of gas per day on production test from reservoirs in the Patchawarra Formation.

Enterprise is also generating revenue from the producing Yellowbank Creek-4 oil development well in PL-18 in the Surat Basin, Queensland.

Interests: Yanerbie-1 12.5%, Smegsy-1 25%, Yellowbank-4 50%.