Oil and gas junior Blue Energy was fronting investors with a $20 million share placement on Tuesday morning to pay for appraisal drilling and testing at its North Bowen basin and Surat basin projects.
John Ellice-Flint is Blue Energy’s largest shareholder, owning 8.23 per cent of the company before the placement.Blue Energy had Petra Capital and MST Financial Services offering shares at 6.2¢ each, which was a 17.3 per cent discount to the last close and 20.5 per cent discount to th e five day volume weighted average price.
The business owns domestic gas projects on the East Coast. The term sheet said it would spend $8 million of the raise on drilling at Bowen basin, $5.3 million on Surat basin drilling, $3.6 million at Northern Territory 2D seismic work, and $3.1 million on working capital and offer costs. Potential investors were told the company was considering a share purchase plan to follow the placement.Blue Energy had $114.6 million market capitalisation, $6.9 million cash and no debt.
co-edits Street Talk, specialising in private equity, investment banking, M&A and equity capital markets. He has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies.
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