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Additional Information

Market:	ASX
Sector:	Oil and Gas Exploration and Production
EPIC:	CTP
Latest Price:	0.05 (-3.57% )
52-week High:	0.08
52-week Low:	0.04
Market Cap:	57.96M

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Central Petroleum Full Central Petroleum profile here

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 raises A$22.7 million to complete well program in 2010

Thursday, April 29, 2010 by Proactive Investors

Perth-based oil and gas explorer Central Petroleum (ASX: CTP) has successfully raised A$22.7 million before costs from its renounceable, fully underwritten rights issue of shares at an offer price of 7.5 cents for each new share.

Each five new shares have one attaching option, exercisable at 16 cents on or before 31 March 2014.

Of the 302,728,534 new shares in the company on offer pursuant to the rights issue, existing shareholders applied for 178,544,837 wew shares (value $13,390,863) representing a 59% take up.

Existing Central shareholders applied for 3,736,508 new shares of the 124,183,697 shortfall shares available.

The rights issue was fully underwritten by Patersons and the remaining shortfall shares (approximate value of $9.03 million at 7.5 cents per share) will be placed by Patersons to institutional and sophisticated investors including several overseas institutions.

“The successful capital raising ensures Central now has the funding in place to complete the Phase One exploration programme and to complete a minimum of three conventional wells during 2010,” Central’s managing director John Heugh said today.

“Central is very pleased with the strong support shown by our existing shareholders to support the rights issue and looks forward to welcoming new holders onto the Company’s register.”

He said Central remains committed to its exploration programmes notwithstanding any difficulties with current Joint Venture participants and was working towards mutually beneficial outcomes.

Central has a full exploration program for 2010 focussed on its goal of re-commencing the seismic and coal seam gas drilling (CSG) drilling programme by 1 May 2010 and the spudding of the Ooraminna 2 gas well (2 TCFG UGIIP) by mid May 2010.

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