new oil and gas explorer to lis

  1. 1,035 Posts.
    For the interest of those that follow the junior oil and gas explorers....

    Sydney - Thursday - June 19: (RWE) - Great Artesian Oil and Gas
    Ltd today announced a float to raise $5 million through the issue of 25
    million shares at 20c each, with the right to accept oversubscriptions
    of up to 5 million shares, which would raise a further $1 million.
    Together with 41 million existing shares, held mainly by the
    directors, the petroleum explorer will be capitalised at $13 million to
    $14 million at the scheduled listing date of August 12.
    Great Artesian owns significant interests in the Cooper,
    Eromanga and Surat Basins in SA and Queensland, as well as an offshore
    SA permit in the Otway Basin, close to the Victorian border.
    The company says it offers highly prospective acreage with
    farm-ins by Woodside Petroleum Ltd and Beach Petroleum Ltd.
    All prospects have access to local infrastructure and are close
    to existing producing oil and gasfields.
    Chairman Mr Norm Zillman said: "A minimum of five wells are to
    drilled within the first 12 months as a public company while Great
    Artesian may participate in a minimum of 11 wells in its first two
    Beach is farming into two of the Cooper Basin permits.
    Four wells are to be drilled before December with the first to
    spud in July.
    Woodside is farming into Great Artesian's Otway Basin acreage,
    where it has identified large structures, the subject of continuing
    seismic work.
    Great Artesian acquired this area before the recent Geographe
    and Thylacine discoveries in the Otway.
    This led to Woodside's farm-in, under which it can drill one
    exploration well.
    Great Artesian will retain a 100 per cent interest in its most
    prospective onshore area, PEL 106 in the Cooper Basin, and funds raised
    in the float will help fund its exploration.
    The company acquired its significant interests in the Cooper
    Basin in the late 1990s when the Santos licences expired and the SA
    Government re-offered the areas.
    Santos had held the permits for 45 years.
    Other companies successful in the bidding rounds have recently
    made discoveries - Beach and Cooper Energy NL with Sellicks-1 and Stuart
    Petroleum Ltd with Acrasia-1.
    Managing director Mr Ray Shaw said the company had effectively
    picked up prime acreage through government intervention.
    He noted it had also gained access to virtually the same
    exploration data as Santos.
    Mr Shaw said he believed the company would be "extremely
    unlucky" not to have a discovery in its first six wells.
    Underwriter Shaw Stockbroking said the float was a rare
    opportunity that it expected to attract "enormous" interest, with "some
    quality institutions" already showing their support.

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