Raises $10 million to Fund Production Testing
Melbourne, Nov 19, 2012 AEST (ABN Newswire) - MEO Australia Limited (
ASX:MEO) (OTCQX:MEOAY) advises that it has Executed a Private Placement Agreement with Asian Energy Limited, a company managed by Noonday Asset Management Asia Pte Ltd (Noonday), to raise $10.0 million, to provide working capital to fund the production testing of Gurame-1XST1 (refer separate ASX release). Under the agreement, MEO will issue Asian Energy Limited 40,816,327 shares at an issue price of $0.245 cents per share.
Noonday, is a Singapore-based investment advisor that serves as an exclusive sub-advisor to Farallon Capital Management, a San Francisco-based global fund manager. Noonday brings extensive expertise in investing across Asia having made significant investments in the Asian energy sector, particularly in Indonesia.
The Seruway PSC (MEO 100%) contains the Gurame and Kuala Langsa gas discoveries together with a host of additional targets along the Ibu Horst which MEO considers to be prospective for gas and also liquids. Collectively, these discovered and prospective resources have the potential to underpin a significant gas development in a region with strong unsatisfied demand for gas.
MEO’s CEO and MD Jürgen Hendrich commented on the announcement:
"We are delighted to welcome Noonday as a cornerstone investor and substantial shareholder. Having a large, highly respected financial institution such as Noonday on the register, provides investment support and funding options for MEO as the company pursues a portolio of projects in Northern Australia, Thailand and Indonesia. Noonday’s investment expertise within the Asian energy sector, particularly in Indonesia, is a key strategic element that will become increasingly important as we seek to mature our projects towards development.”
Contact
MEO Australia Limited
T: +61-3-8625-6000
F: +61-3-9614-0660
E: admin@meoaustralia.com.au
WWW: www.meoaustralia.com.au
| ||
|
