Pryme Energy Limited (ASX:PYM) Update On Non Renounceable Rights Issue
Brisbane, July 18, 2011 AEST (ABN Newswire) - Pryme Energy Limited (
ASX:PYM) (PINK:POGLY) refers to the non-renounceable rights issue announced on 15 June 2011 and offered to eligible shareholders on 29 June 2011 (Rights Issue).
Pryme advises that the Rights Issue closed on 14 July 2011 with applications for 7,880,720 ordinary shares (New Shares) received for total subscribed funds of $985,090. The New Shares will be allotted on 21 July 2011.
The Rights Issue was undersubscribed to the amount of 24,349,448 ordinary shares (Shortfall Shares).
The Directors will seek to place the Shortfall Shares in accordance with the terms of the Rights Issue Offer Document and the ASX Listing Rules and will advise the market as and when any placements occur. The Company has engaged Shaw Corporate Finance to place any Shortfall under the Rights Issue on a reasonable endeavours basis.
The issued capital of Pryme after the allotment and issue of the New Shares and Shortfall Shares under the Rights Issue will be 257,841,350 fully paid ordinary shares.
The Directors are glad that shareholders had the opportunity to purchase shares through the Rights Issue prior to the completion of drilling of the second well in the Turner Bayou Chalk project, the Deshotels 13H No.1. The Directors wish to thank the shareholders for their continued support and participation in the Rights Issue.
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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