(MENAFN - ProactiveInvestors - Australia) WHL Energy (ASX: WHN) has received strong support from investors, having received applications well in excess of the remaining Options available under the shortfall from its nonrenounceable Shareholder Entitlement Option Plan.
The company has thus far issued 53.5 million options, or about A535,000, from the shortfall of 187.7 million options with lead manager Quattro Capital finalising the remaining allocation.
The Plan had offered shareholders 1 option for A0.01 for every 4 shares held that are exercisable at A0.04 on or before 30 November 2014.
This was targeted at raising about A3.5 million to accelerate the acquisition of 3D seismic over the undeveloped La Bella gas field in the Otway Basin offshore Victoria.
WHL is seeking to bring forward the seismic program for La Bella, which hosts Best Estimate (2C) Contingent Resources of 158 petajoules, as part of the farm out process for the field. This would assist in keeping to the proposed timetable.
The company had launched the formal farm-out process for the field on 4 September and had said the process would run over the next two to three months.
Besides La Bella, VIC/P67 contains several other gas prospects and leads. These include the relatively low risk prospects present at Highlander and West La Bella which provide additional tie-back opportunities to a potential La Bella development.