The Company is pleased to confirm that it has received commitments for the issue of 85m shares at 0.6 cents and 42.5m free attaching options to raise ~$0.5m. This now completes the pre-approval received from shareholders at the General Meeting held on 2 March 2011 to issue up to 450m shares and 225m free attaching options.
The funds have been raised from sophisticated investors and will be used to towards funding:
- Thibodeaux #1 Well, La Posada;
- Dugas & Leblanc #3 development well at Napoleonville;
- Abita Prospect targeting 1-2mmbls and 4.5-9.4BCFG to be spudded May/June;
- Desiree #1, oil exploration well targeting updip 600,000 to 800,000 bbls at Napoleonville; and
- geological and geophysical exploration and development programme at Napoleonville.
The Company has a significant and exciting exploration and development program over the next 6 months and appreciates the support of shareholders in funding these activities.
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