China CleanTech Index 2Q13 Quarterly Performance Report
Brisbane, Sep 21, 2009 AEST (ABN Newswire) - Texon Petroleum Limited (ASX:TXN) advises that the Share Purchase Plan (SPP) which was announced on 14 August and closed on 16 September has raised A$5.9m. Shareholders applied for 31,055,454 shares at an issue price of 19 cents which was discounted by 19%. The offer was underwritten by RBS Morgans (formally ABN AMRO Morgans) up to A$2.95m.
Directors were pleased with the support received from shareholders which represented a take up by 44% of the Company's Australian and New Zealand shareholders.
The Company has now raised a total of A$8.47m including the placement of 13.5 million shares to sophisticated and institutional investors in August at 19 cents per share. These funds will allow the Company to continue the drilling of production wells in the Leighton field and to seek additional acreage over other prospects in the Leighton area. Indeed, as already announced, two additional Leighton wells (Tyler Ranch #2 and #3) were drilled in August and September with a third (Tyler Ranch #4) scheduled for early October. The two wells were successful in discovering oil and gas with the first well connected for production in early September and the second well due for connection by the end of September.
The third well in this series, Tyler Ranch #4, will be the fifth Leighton well into the Olmos which is the oil and gas producing reservoir in the Leighton Field. Tyler Ranch #4 will also be deepened to investigate the Eagle Ford Shale, a potentially more valuable target some 2,000 feet deeper than the Olmos. Tyler Ranch #4 is scheduled to be drilled in October this year.
Please refer to the 14 September 2009 EGM's Chairman's Remarks, the Company's 11 and 18 September 2009 releases and to Texon's website for all other recent announcements http://www.texonpetroleum.com.au
Contact
Dr John Armstrong
Chairman
Brisbane: +61-7-3211-1122
Mr David Mason
Chief Executive Officer
Brisbane: +61-7-3211-1122
Houston: +1-281-419-4976
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