Quest Petroleum to raise Funds for South Sumatra Oil, Gas projects
Quest Petroleum has announced its plans to raise funds to finance its ongoing drilling program at the Company’s Ranau oil and gas projects in South Sumatra.
The Ranau Projects cover a largely unexplored area in an established oil and gas producing region. The company has already identified three drill locations and has finalised the first drill location. Approvals and site access are also well advanced.
The exercise is expected to raise about A$5 million comprising A$2.5 million placement to investors including international and domestic institutions; and another A$2.5 million Entitlement Issue to existing shareholders on same terms as placement.
The company is undertaking a placement to investors, including international and domestic institutions, of approximately 417 million fully paid ordinary shares at 0.6 cents per share.