re: isn't it ironic? copy of ann
23 September 2004 Joint ASX and Media Announcement Share Purchase Plan The directors of Orchard Petroleum Limited (ASX: OPL) are pleased to announce details of a Share Purchase Plan ("SPP"). The SPP will provide eligible shareholders with the opportunity to purchase up to $5,000 worth of fully paid ordinary shares in OPL (ranking equally with existing fully paid ordinary shares) without brokerage costs and at a discount to the current market price. Under the SPP, eligible shareholders will be offered new shares for subscription at 26 cents per share. In formulating the SPP subscription price the Board has taken into account the volume weighted average market price calculated over the ten trading days immediately prior to todays date. Funds raised under the SPP will be used to continue OPL's oil and gas development program. Over the last year, OPL has discovered oil and gas in three separate project areas within California. OPL's current plans are to begin developing these discoveries. OPL will continue to evaluate the extent and pace of the development program in light of its available capital and revenues. The right to participate in the SPP is available only to Australian and New Zealand shareholders who are registered as holders of fully paid ordinary shares in OPL at 5pm (AEST) on Wednesday, 6 October 2004. It is noted that on the basis of ASX trading settlement procedures, any new shareholder that purchases shares after Friday, 1 October will not be eligible to participate in the SPP. The offer is non-renounceable and will open on Monday, 11 October 2004 and will close at 5pm (AEST) on Monday, 1 November 2004. The Directors of OPL intend to subscribe for shares under the SPP in respect to their own shareholdings. Full details of the SPP will be set out in documentation together with a personalised application form which OPL will send to all eligible shareholders together with notice of annual general meeting documentation on or around Friday, 8 October. For further information please contact Mr Steve Graves on 0011 1805 469 4656.
OPL Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
