Matrix Oil offers private placement to finance N. Sumatra oil production
Monday, August 27 2001 - 10:33 AM WIB
Australian listed oil company Matrix Oil NL announced Monday a private equity placement of 54,000,000 fully paid shares at $0.235 per share, subject to settlement by participating investors, to raise an amount of AUD$12,690,000.
According to the company?s statement, the placement is being made to fund the re-opening of Matrix's three production wells in the Langsa oil field offshore North Sumatra.
Matrix said the semi- submersible drilling rig "Sedco 601" would leave Singapore on around first week of September 2001, to move to the Langsa oil fields in Malacca Straits.
The rig would begin re-entering the three wells the following week, to bring the fields back into production at an expected rate of approximately 10,000 barrels per day in November.
Matrix said the placement was arranged and managed by Intersuisse Corporate Pty Ltd. (alex)