Beach Reports Boost in Working Capital

Beach Petroleum Limited’s working capital has been boosted by $49 million with the strong take-up by shareholders of the latest exercise of options.

The proceeds represent a take-up rate of 97% of the 50.6 million options on issue. The options were the last on issue by the Company whose share structure is now 664 million ordinary shares on issue on the ASX.

Earlier this month, Beach Petroleum lodged the prospectus for its 2-for-7 renounceable rights issue to raise up to A$247 million as part funding of its acquisition of the Delhi Petroleum Group.

This represents a prospectus issue price of A$1.39 per new share and if fully taken up, will add approximately 178 million shares to the Beach Petroleum share register.