NPE - Newport Energy

Newport Energy (NPE) has positioned itself to participate in the forecast growth of PNG’s oil and gas sector.

The Board intends that Newport Energy will ultimately be an oil and gas exploration and production company committed to maximising results through the effective identification, acquisition, exploration and management of quality conventional oil and gas assets. Newport Energy will seek to combine quality assets with talented people, capital and leading technology.

Newport Energy’s intention is to initially focus on PPL 326, which lies between the Papuan Peninsular and the Papuan Plateau. A 100% interest in PPL 326 was offered by Minister Duma to Newport Energy (PNG) Limited in June 2009 and PPL 326 was issued to Newport Energy (PNG) Limited on 27 August 2009.

The area covered by PPL 326 has had minimal exploration work undertaken over it. Newport Energy proposes, in the first stage, to conduct an intensive exploration program in the Licence Area and to develop a number of drillable prospects for the next stage. Newport Energy then proposes to drill one or more wells to test the prospectivity of the Licence Area.

http://www.newportenergylimited.com

Here are the key dates for the offering. For those of us in the US, I'm guessing we'll have to wait and buy off the pink sheets.

Key Dates:

Prospectus Date Thursday, 24 June 2010
Offer opens Friday, 25 June 2010, 9.00am (AEST)
Offer closes Friday, 16 July 2010, 5.00pm (AEST)
Issue and allotment of Shares under the Offer Wednesday, 21 July 2010
Expected despatch of holding statements and any refund payments if required Thursday, 22 July 2010
Expected quotation of Shares on ASX Thursday, 29 July 2010

KEY OFFER STATISTICS
This Prospectus is for the issue of 40 million Shares at an Offer Price of $0.25 per Share to raise $10 million before expenses of the Offer.
Offer Price per Share $0.25
Number of Shares offered under this Prospectus 40 million
Amount to be raised under the Offer $10 million
Number of Shares on issue following completion of the Offer 104,600,120
Market capitalisation at the Offer Price $26,150,030

newportenergylimited.com/docs/nel_prospectus_w.pdf

Newport Energy IPO Investor Presentation - David Williams, Managing Director
Tuesday, 20 July 2010 8:45am

http://www.brr.com.au/event/67019/n...presentation-david-williams-managing-director

Newport Energy Limited
Proposed ASX code: NPE
Proposed listing date: Application withdrawn
http://www.asx.com.au/asx/research/upcomingFloatDetail.do?asxCode=NPE

Anyone know why?

maui4marko said:

Newport Energy Limited
Proposed ASX code: NPE
Proposed listing date: Application withdrawn

Click to expand...

Any insight into a new IPO date? Perhaps Soros will buy the whole kit and caboodle...