Karoon Gas launches capital raising
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Karoon Gas Australia is raising $150 million through an institutional placement in an attempt to shore up its balance sheet amid farmout talks for its oil and gas assets in Western Australia, Brazil and Peru.
The group entered a trading halt on Wednesday on announcing the placement, which is underwritten and priced at $5.10 a share, an 8.9% discount to the last trading price of $5.60 on 6 August.
Karoon will also run a share purchase plan, capped at $15,000 per shareholder, but is yet to release more details to the market.
Karoon said the placement would support its rig contract and farmout negotiations and finance drilling activity.
It is running farmouts of its assets in the Browse Basin, Brazil's Santos Basin and Tumbes Basin, in Peru.
Karoon said 20 interested parties were conducting due diligence or visiting datarooms at the sites.
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