Pryme Oil and Gas Limited (ASX:PYM) Non-Renounceable Rights Issue Update
Brisbane, Dec 3, 2010 AEST (ABN Newswire) - Pryme Oil and Gas Limited (
ASX:PYM) (OTCQX:POGLY) refers to the non-renounceable rights issue announced on 31 August 2010 and offered to eligible shareholders on 20 September 2010 (Rights Issue).
Pryme advises that the Rights Issue closed on 30 November 2010 with applications for 16,408,539 ordinary shares received for total subscribed funds of A$1,312,683.12. On 17 November 9,789,488 of those ordinary shares were allotted to Rights Issue subscribers. The balance of the Rights Issue, 6,619,051 ordinary shares (New Shares), will be allotted on 6 December 2010.
The Rights Issue shortfall was 8,597,878 ordinary shares (Shortfall Shares). The Directors expect to place the Shortfall Shares by 9 December 2010 as allowed under Exception 3 of ASX Listing Rule 7.2. The placement of Shortfall Shares does not require shareholder approval.
The issued capital of Pryme after the allotment of the New Shares and the Shortfall Shares will be 225,057,754 fully paid ordinary shares.
The Directors wish to thank shareholders for their participation in the Rights Issue and their continued support.
About Indago Energy Ltd
Indago Energy Ltd (ASX:INK) (OTCMKTS:POGLY) is an Australian listed company engaged in oil and gas exploration, development and production. Indago's project portfolio includes liquid rich producing assets together with substantial oil development and exploration acreage in the United States.
The Company's Exploration and Production focus is on high growth oil and gas projects offering scalability of production, cash flows and reserves. Indago currently has several producing projects together with a significant acreage position. The Company's immediate focus is the development of its Capitola Oil Project located in an active region of the Cline Shale resource play along the Eastern Shelf of the Permian Basin, Texas. The project's core development and exploitation opportunities are shallower multiple "stacked" sandstones and limestones to depths of 7,000 feet which are effectively produced from vertically drilled wells. Indago's value driven model is executed through exploiting shallower, well defined intervals with advanced completion and stimulation technology within known produced oil fields together with exposure to the emerging Cline Shale resource play.
Indago's shares are publicly traded on the Australian Securities Exchange (ASX ticker: INK) and also as American Depositary Receipts on the OTCQX (ADR ticker: POGLY).
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