25 May 2012

Kea Petroleum in £7m placing

18/05/2010 Robert Tyerman

New Zealand-focused Kea Petroleum has acquired a new offshore interest after raising £7 million at a discounted 16p.

Floated on AIM early this year at 8p by veteran Australian entrepreneur and chairman Ian Gowrie-Smith, the company has agreed to take a 10 per cent participating interest in PEP38524, a 2,500 sq km offshore area near the north end of New Zealand’s South Island, with Aussie-listed company AWE. To earn its 10 per cent of the prospect, which is near AWE’s existing Tui field, Kea will contribute to the cost of drilling one well on the project, Tuatara-1, at a cost the company says it does not expect to exceed $3 million (£2.1 million).

Meanwhile, Kea, which had pre-float backing at 5p from serial investor Nigel Wray and Mark Knopfler of the band Dire Straits, has raised £7 million at 16p in a placing representing 9.5 per cent of its capital, together with two-year warrants with a 23p exercise price for up to another £5 million. Shares in Kea, which last month announced an onshore find in New Zealand’s Taranaki Basin and is drilling for gas at its nearby Beluga project, now trade at 19.5p, down 0.75p this morning and valuing the company at £90 million.

They should be a lively market.

Tags: AIM, Commodities, Fundraisings

Sector: Oil & Gas Producers

Companies: Kea Petroleum

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