Orion Petroleum Limited
Eastern Star Gas Limited (ESG) has spun off Orion as one of its subsidiary, and are seeking to raise $20 million by the issue of 100 million shares at $0.20 per share with provision to accept oversubscriptions of up to 15 million shares to raise an additional $3 million.
For each share allotted under the offer, Orion will grant, for no additional consideration, one option exercisable at $0.30 per share on or before 30 September 2010.
The offer underwritten by Comsec has now closed, with their allocation fully subscribed by their clientel.
Expected despatch of Holding Statements 11 December 2007. Expected date of quotation of Shares and Listed Options on ASX 18 December 2007.
Orionís licences and application area covers approximately 44,000 square kilometres in New South Wales.
Four petroleum prospects, Willaroo (PEL 6), Nyngynderry (PEL 8), Burnamwood (PEL 422) and Netallie (PEL 424), have been identified and are ready to be drilled. Orion proposes to carry out the drilling program using the funds raised pursuant to the offer and to seek farm-in participants to contribute to the costs of its exploration program.
<Good luck to those who are in this float>