Central Petroleum (ASX: CTP) holds an extensive package of prospective acreage of over 270,000 km2 in central Australia, which is predominately in the Pedirka Basin, along with 25,000 km2 in the Southern Georgina Basin.
Apart from conventional gas potential, the company has had independent estimates of over 10,000 trillion cubic feet in UCG "syngas" prospective recoverable resources.
Central Petroleum (ASX: CTP) has been granted a trading halt by the ASX pending an announcement regarding the notification of a court injunction relating to the settlement of an institutional placement.
The institutional placement, announced earlier this month, sought to raise $11 million through the issue of 130 million shares at $0.085 per share.
Importantly, the placement was being conducted in a single tranche under the company’s 15% limit permitted under the listing rules without shareholder approval.
Settlement of the placement was scheduled for today.
Shares in Central will remain in pre open session state until the earlier of the release of an announcement to the market or the commencement of normal trading on Friday April 13.