PERTH (miningweekly.com) – ASX-listed Carnarvon Petroleum will raise A$50-million through a placement to institutional and sophisticated investors to fund appraisal and exploration activities in the North West Shelf.
The company will issue some 151.6-million new shares, at an issue price of 33c a share, to sophisticated and professional investors.
“This capital raising received significant interest, which is consistent with the growing investor interest in Carnarvon since the Dorado discovery,” said MD Adrian Cook.
“This funding will ensure that Carnarvon is in a robust financial position going into our exciting 2019 programme.”
The funds will be used for engineering and design studies at Dorado, which will include appraisals of the Dorado-2 and Dorado-3 wells starting in April and drilling of the prospective Rock South-1 exploration well, as well as for working capital.