Pryme Successfully Completes Placement
Sydney, Dec 17, 2012 AEST (ABN Newswire) - Pryme Energy Limited (
ASX:PYM) is pleased to announce that it has raised $1,308,000 through a placement of 16.35 million new ordinary shares, at a price of $0.08 per share, and 8.175 million options on the basis of one free option for every two new shares. The options have a $0.15 exercise price and will expire on 30 November 2013.
The securities do not require shareholder approval as they are issued under the Company's 15% issue capacity in accordance with ASX Listing Rule 7.1.
Use of Proceeds
Proceeds from the placement will be utilised for general working capital requirements.
Following the placement Pryme's available cash balance is approximately $2.066 million.
Pryme's share of costs in respect of its interest in the Turner Bayou Chalk Project is funded under the recently announced US$100 million Term Facility with Macquarie Bank Limited.
"We are delighted by the strong level of support in the Placement from existing major shareholders and also welcome a number of new shareholders to Pryme," said Justin Pettett, Pryme's Managing Director. "We now look forward to the successful completion and flow testing of our Rosewood Plantation 21H well in early January."
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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