Pancontinental Oil & Gas NL ,an oil and gas exploration company with key assets in Australia, Kenya, Malta and Namibia, has resolved to raise up to $15 million through a placement of up to 200 million shares at an issue price of 7.5 cents per share to sophisticated and professional investors.
Pancontinental’s corporate advisor, Hartleys Limited, is lead broker to the Placement. Under the Placement the Company has agreed to place shares predominantly to Investment Funds in London, elsewhere overseas and in Australia.
The funds raised will be used for seismic programs over offshore blocks in Kenya and Namibia, and for further growth opportunities in the oil and gas sector, Pancontinental said on its website.
“We are very pleased by the outstandingly strong support received for the Placement, which will see the entry of several of the world’s largest and most well respected institutional investors onto the Pancontinental share register. The strength of interest in the Placement will ensure Pancontinental is well funded for exploration activities in its African licences in what we believe will be a transformational year as we look forward to, amongst other activities, drilling on the giant Mbawa Prospect. We have African joint ventures alongside some of the industry’s most successful oil and gas companies and we now have an expression of support from some of the world’s leading investment funds. This is a powerful validation of Pancontinental’s corporate oil and gas ambitions in Africa”. said Pancontinental’s CEO Barry Rushworth.
Offshore Energy Today Staff, December 1, 2011;Image: Pancontinental