for the jh knockers, page-35

Great post Nazzy. Sums it up for me too.

Tuesday, September 28, 2010
Central Petroleum Raises A$19.35 Million To Accelerate Drilling In Western Amadeus

Central Petroleum (ASX: CTP) has conditionally raised $19.35 million, with the funds used to accelerate exploration programs at its Johnstone and Surprise project areas in the Western Amadeus region in the Northern Territory, pay for the costs of the issue and for general working capital purposes.

The over subscribed placement of 75.0 million ordinary shares at $0.086 cents per share raised $6.45 million.

The underwriting of the share purchase plan is for the first 150 million shares at the same price, to be offered to existing shareholders, has conditionally raised a minimum of $12.9 million.

Patersons Securities assisted Central in the capital raising.

John Heugh, managing director, said, �With the significant demand encountered for Central stock by institutions introduced by Patersons it would have been possible for the Company to raise the entire amount sought from capital raising through a Placement, however the Board of Central wanted to reward our loyal shareholders through participation in the SPP particularly on the back of the success encountered at Johnstone West-1 to date�.

Under the share purchase plan all eligible shareholders will have the opportunity to subscribe for up to $15,000 worth of fully paid ordinary shares.

Central intends to rapidly finalise a contract to complete approximately 300km2 of 3D seismic over the greater Johnstone and Surprise areas, and plan for additional appraisal wells to delineate the potential of the Johnstone and the Surprise areas as it moves to a potential commercialisation.

http://www.proactiveinvestors.com.au/companies/news/10348/central-petroleum-raises-a1935-million-to-accelerate-drilling-in-western-amadeus-10348.html