Quest raises funds for Ranau projects
Thursday, July 26 2012 - 07:59 AM WIB
Australia-listed firm Quest Petroleum NL announced that it is undertaking a placement to investors, the proceeds of which will be used to fund the ongoing drilling program at its Ranau oil and gas projects in South Sumatra.
The Ranau projects cover a largely unexplored area in an established oil and gas producing region. It has mobilized the in-country team which has completed a detailed drill targeting program over the prioritized lead located within the Jaya sub-basin.
The first drill location has been finalized and the approvals and site access are well advanced.
The placement to investors, including international and domestic institutions, covers approximately 417 million fully paid ordinary shares at 0.6 cents per share, together with one (1) free attaching option exercisable at 1.5 cents on or before 30 June 2016 for every two (2) new shares subscribed to raise approximately $2,500,000 (Placement).
It will also offer all eligible shareholders the opportunity to participate in a capital raising on the same terms as the Placement through an Entitlement Issue to raise approximately $2,500,000 (Entitlement Issue).
Editing by Dadan Wijaksana