On 16 November 2009, the Company announced that it would undertake a non-renounceable entitlement offer of one new share for every two shares held by eligible shareholders at the record date of 24 November 2009. The offer will allow eligible shareholders to acquire additional shares in the Company at 20 cents per share.
The Company will raise approximately $15 million through the issue of up to 77,100,000 new shares under the entitlement offer. The offer is fully underwritten by Martin Place Securities Pty Limited, who will received a 3% underwriting fee.
Proceeds from the offer will be used to support the Company’s 2010 exploration and development programme, of three to five high impact exploration wells in the Gulf of Mexico, USA, and the expected start of development of the 6.12/6.12 South and 12.8 West oil fields in Block 22/12, Beibu Gult, China.