KEY POINTS:
Canadian-based oil and gas explorer Trans-Orient Petroleum Ltd said today it had raised US$5.9 million ($8.63m) which will be used for exploration in New Zealand and Southeast Asia.
The money was raised by private placement of 5.9 million units at US$1 each.
Each unit consists of one common share and a half-warrant, with each full warrant entitling the holder to purchase an additional common share at a price of US$1.35 for a period of eighteen months from today.
Trans-Orient, which owns 11.2 per cent of Austral Pacific, in June acquired exploration rights in two areas -- PEP 38348 and 38349, onshore in southern Hawke's Bay and an area north of Gisborne.
Trans-Orient said it would use the capital from the capital raising to expand its operations in New Zealand and Southeast Asia.
Trans-Orient had a New Zealand unit registered here until 2003, when it was liquidated.
Austral Pacific, 17.9 per cent owned by Infratil, has a 36 per cent interest in the Cheal onshore oil field in Taranaki.
Austral began a $25 million development of the Cheal field in July. The field was projected to product 1900 barrels of oil a day from the second quarter of this year.
- NZPA
