Indo-Pacific issues NZX listing details

Oil and gas exploration company Indo-Pacific has revealed details of its long-awaited share float and NZX listing.

The company wants to raise up to $8 million through its issue of 4 million $2 shares. For every two shares offered, investors will receive one warrant, which can be exercised at a price of $2.10 any time up to November 30 next year.

A prospectus will be issued today.

Indo-Pacific Energy explores for oil and gas in New Zealand, Australia and Papua New Guinea.

It holds the most extensive exploration portfolio within the onshore Taranaki basin of any industry player operating in New Zealand.

It also holds drilling permits in the offshore Taranaki basin, the East Cape and Canterbury regions, and the offshore Vulcan Trough in Western Australia and the Papuan Basin in Papua New Guinea.

Chief executive Dave Bennett said the money would be used to "progress and commercialise Indo-Pacific Energy's exploration and development programmes".

It will be "primarily dedicated" to the capital needs of its New Zealand assets. Indo-Pacific is searching for both oil and gas, but with the depletion of the Maui gas field and accompanying increase in wholesale gas prices, finding natural gas is more attractive than in the past.

The issue, which is being handled by McDouall Stuart Securities, opens today and closes on December 12.

Listing on the NZX is conditional on Indo-Pacific being accepted for listing on the Toronto-based TSX Venture Exchange (TSXV), which is expected to be completed before the New Zealand offer closes. TSXV will be the company's home exchange.