Pryme Oil and Gas Limited (ASX:PYM) Announce Successfully Placement of Shortfall Shares
Brisbane, Dec 9, 2010 AEST (ABN Newswire) - Pryme Oil and Gas Limited (
ASX:PYM) (OTCQX:POGLY) is pleased to announce that it has successfully placed the shortfall of 8,597,878 fully paid ordinary shares from the recent Rights Issue (Shortfall Shares). The placement of the Shortfall Shares takes Pryme's issued capital to 225,057,754 fully paid ordinary shares.
In accordance with the terms of Rights Issue, the Shortfall Shares have been allotted and issued to Eligible Shareholders at A$0.08 per share today, 9 December 2010. The Shortfall Shares are issued under Exception 3 of ASX Listing Rule 7.2 and the issue does not require shareholder approval.
The recent Placement and Rights Issue which was announced on 31 August 2010, together with the placement of the Shortfall Shares, have raised approximately A$3.7million in new capital for Pryme.
Pryme's current cash holding is approximately A$2.48m.
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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