MD, John Heugh from Central Petroleum
(ASX:CTP) explains the reason for the extension to its Share Purchase Plan(SPP) to 6th December and the importance of results from its Surprise -1 well to its eventual success. With its share price around 6c and the SPP price of 8.6c the next set of results from Surprise-1 will require good flow to surface of oil with a chance of recovery for the plan to succeed. Shareholders have the right to buy up $15k of shares under the plan. With approximately 9,000 shareholders and a 20% take up, more the average for share purchase plans potentially $25M could be raised under the plan.
