Zeta Petroleum is undertaking a 1 for 1 non-renounceable rights issue to raise up to A$1.33 million (before costs) at an offer price of A$0.01 per Chess Depositary Interest (‘CDI’), together with one free attaching share option for every two CDIs subscribed for and issued (‘Offer’).

The Company intends to use a majority of the net proceeds of the rights issue to fund the Company’s forward work programmes on its assets, including bringing the Dornesti Sud-1 well into production, a discovery well on the Company’s 50% owned Suceava gas concession in Romania, which has tested at a rate of 26,000 cubic metres per day (‘m3/day’). The well is currently suspended ready for production. The balance of the funds will be used towards covering the expenses of the Offer and for general working capital purposes.

Tags: ZETA Petroleum