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MEO Australia Limited(ASX:MEO)Raises $10 million to Fund Production Testing  Join our daily free Newsletter

MENAFN - ABN Newswire - 18/11/2012

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(MENAFN - ABN Newswire)

MEO Australia Limited (ASX:MEO) (OTCQX:MEOAY) advises that it has Executed a Private Placement Agreement with Asian Energy Limited, a company managed by Noonday Asset Management Asia Pte Ltd (Noonday), to raise 10.0 million, to provide working capital to fund the production testing of Gurame-1XST1 (refer separate ASX release). Under the agreement, MEO will issue Asian Energy Limited 40,816,327 shares at an issue price of 0.245 cents per share.

Noonday, is a Singapore-based investment advisor that serves as an exclusive sub-advisor to Farallon Capital Management, a San Francisco-based global fund manager. Noonday brings extensive expertise in investing across Asia having made significant investments in the Asian energy sector, particularly in Indonesia.

The Seruway PSC (MEO 100%) contains the Gurame and Kuala Langsa gas discoveries together with a host of additional targets along the Ibu Horst which MEO considers to be prospective for gas and also liquids. Collectively, these discovered and prospective resources have the potential to underpin a significant gas development in a region with strong unsatisfied demand for gas.

MEOs CEO and MD Jrgen Hendrich commented on the announcement:

"We are delighted to welcome Noonday as a cornerstone investor and substantial shareholder. Having a large, highly respected financial institution such as Noonday on the register, provides investment support and funding options for MEO as the company pursues a portolio of projects in Northern Australia, Thailand and Indonesia. Noondays investment expertise within the Asian energy sector, particularly in Indonesia, is a key strategic element that will become increasingly important as we seek to mature our projects towards developme

 






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