Karoon Raises Funds for Browse, Gippsland Programs
Karoon Gas Australia Ltd has agreed to place 12.186 million fully paid shares at a price of $1.80 per share, raising $21.935m, to sophisticated and institutional investors in Australia, and with a major portion coming from the United Kingdom. The placement was managed by BBY Limited (BBY) and E.L & C. Baillieu Stockbroking Ltd.
The funds raised under the placement will be used to fund Karoon's share of the two well program in the Browse Basin, extended drilling in the Gippsland Basin and for general working capital.
Karoon has been pleased with the reception it has received from the institutional
and sophisticated investors involved.
- Karoon Buys PEPC's 35% Stake in 4 Santos Basin Blocks in Brazil for $20.5M (Sep 28)
- PEPC Makes Overdue Payment to Karoon for Brazil's Santos Basin Blocks (Jun 16)
- Karoon Issues Default Notice to Santos Basin Block Partner PEPC (Jun 15)