Gulf starts at Sheikh Adi-2 25/05/2012
Iraq-focused oil explorer Gulf Keystone Petroleum (GKP) has begun drilling at the Sheikh Adi-2 well in the Sheikh Adi block.
Coal of Africa seeks £62.5m
Southern Africa-focused Coal of Africa (CZA) hopes to raise around $100 million to develop its Vele colliery and acquire other assets.
JP Morgan Cazenove is global co-ordinator and bookrunner for proposed placing, which has not yet been priced, and is joint lead manager with Mirabaud Securites and Evolution Securities.
This move follows the reinstatement of Western Australia-based Coal of Africa's water use licence at Vele, in South Africa's Limpopo Province, where the AIM-quoted company hopes to produce a million tonnes a year of coking coal. Coal of Africa, which intends to use some of the placing proceeds to obtain prospecting rights at Chapudi in South Africa's Soutspansberg coalfield, has also secured a $40 million (£25 million) one-year revolving credit facility with JP Morgan Europe, which it can only draw down if the share placing raises at least $75 million (£47 million).
Coal of Africa's current ambitions include boosting thermal coal output from its Mooiplats colliery to two million tonnes a year and starting coking coal production at another project, Mikhado, in 2013, with the goal of eventual coking coal production from Vele and Mikhado together of 10 million tonnes a year. Chief executive officer John Wallington says the proposed funding 'would ensure that growth can be sustained on the foundations of a robust balance sheet and strong capital base.'
Coal of Africa's shares, which have traded between 111.5p and 43.75p over the past year, now change hands at 51.75p, down 5.25p this morning, valuing the company at £275.5 million. They could rally over the medium term if the company secures its funding.
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