Funds are assured for the drilling of ITC's first well, Hornet 1...

Funds are assured for the drilling of ITC's first well, Hornet 1 on 23-8-04 now that the Entec float has closed over subscribed.

Those who missed out may well invest in ITC.

Not long now and we're in the money.

Adelaide, 5 August, OGT—More than 40 years after oil and gas was first found in Australia's Cooper Basin, its ability to attract investor interest has been shown by Entek Energy's successful A$3.5 million Initial Public Offer.

Closing oversubscribed, Entek’s Executive Chairman, Joe Mercorella (pictured), said the IPO result was a strong vote of confidence in the company's oil and gas assets and forward exploration program.

Entek has a 12.5% joint venture interest in six petroleum exploration licences covering in excess of 16,850 square kilometres in PELs 86, 87, 89 in the Eromanga Basin and PELs 104, 111 and 115 in the Cooper Basin – all within South Australia.

Entek expects to participate in five to seven wells before the end of 2004.


The first of these, Hornet-1 in PEL 115, southeast of Moomba, is scheduled to spud later this month.


PEL 115 surrounds the 1 trillion cubic feet Toolachee gas field and is adjacent to several other large producing gas and oil fields.

The IPO offer of up to 17.5 million ordinary shares at $0.20 cents per share to raise up to A$3.5 million was fully underwritten by Taylor Collison.


Entek will make its ASX debut on August 16 with about 3,160 shareholders and 39.5 million ordinary shares on issue, notionally valuing the company at listing at $7.9 million.


Its major shareholder, with a 10% stake representing 4.2 million shares, will be Entek's former parent company, Adelaide-based Lion Energy Limited, whose shares will be held in escrow for two years.