11:50 AEST Dec 5, 2011 ABN Newswire (C) 2004-2011 Asia Business News PL. All Rights Reserved.
Perth, Australia (ABN Newswire) - Central Petroleum Limited (ASX:CTP) announced it would be undertaking an underwritten Share Purchase Plan ('SPP') to eligible shareholders with the intention of raising a minimum of A$5.5 million. Full details of the SPP were announced by the Company on 23 September 2011.
The current closing date of the SPP is 6 December 2011 (as announced on 23 November 2011), which is during the drilling operations of the Surprise 1 well.
It is believed to be in the best interests of the Company's shareholders to extend the closing date of the SPP beyond the current closing date to enable shareholders to consider further results of the Surprise 1. Therefore, the Company will be extending the closing date for the SPP from 6 December 2011 to 16 December 2011. By this time the extensive suites of logs planned will have been run and assessed and much of the deeper drilling will have been completed.
As a result, the terms and conditions of the SPP are amended such that SPP applications must be received by the Share Registry by 5.00pm (WST) on 16 December 2011. Applications received after that time may not be accepted.
The Company has been advised by Patersons Securities Limited that the Underwriting Agreement for the first A$5.5 million of the SPP will be extended to the revised closing date unless it is withdrawn pursuant to various terms of the agreement including but not limited to market conditions, Central's Share Price and other considerations.
About Central Petroleum Limited:
Central Petroleum (ASX:CTP) is an ASX listed junior exploration and production company operating what is regarded as the biggest package of prospective acreage in Australia.
Source:
Central Petroleum Limited
Contact:
John Heugh Managing Director Central Petroleum Limited Tel: +61-8-9474-1444
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