IPO to boost Australian explorer’s Romanian interests

AN initial public offering (IPO) for Romanian-focussed oil and gas explorer and developer Zeta Petroleum opened in late March, aiming to raise $8 million through the issue of 40 million shares at 20 cents per share with one free attaching option exercisable at 20 cents.
The offer closes on April 18, and the company has reported that it expects to list on the ASX in early May. Zeta Petroleum managing director Stephen West said the funds raised through the IPO would be used to appraise and develop the company’s Bobocu gas field in eastern Romania and its Jimbolia oil field, in the proven producing eastern part of the Pannonian Basin on the Romanian-Serbian border, as well as to acquire additional oil and gas production assets in the region. Bobocu has a contingent resource of 44.36 billion cubic feet of gas and prospective resource of 14.09bcf; Jimbolia has a prospective resource of 1.72 million barrels of oil equivalent.
Zeta managing director Stephen West said the company expected to begin drilling on the Bobocu field within the next four months, with a view to bringing the field into full field production by mid 2013.
“It is a very attractive gas project in a country that imports over 30 per cent of its natural gas requirements,” Mr West said in a statement on March 23.
“We are extremely pleased with the early response to the offer with firm commitments in excess of $5 million being received to date.”

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