NGE secures drilling cash

NEW Guinea Energy will issue $20 million in unlisted, unsecured, transferable convertible equity bonds to go toward drilling and general working capital.
NGE secures drilling cash NGE secures drilling cash NGE secures drilling cash NGE secures drilling cash NGE secures drilling cash

The bonds will be issued to Quantum Strategic Partners with a maturity date five years from May 27, 2011.

Assuming full conversion at the issue price of 20 cents per equity bond, the bonds represent 100 million fully paid ordinary shares, which is about 11.8% of the company's current issued capital.

The underlying shares will rank equally with existing fully paid shares issued by the company.

Speaking at NGE's recent annual general meeting, chief executive officer Michael Arnett highlighted upcoming projects for 2011 saying it will be a significant year for the company.

Arnett said the expected June spudding of the first well at PPL 269 was something he was looking forward to and he hoped NGE would be able to operate the planned well at PPL 268.

Disclaimer: Aspermont Publishing owns shares in New Guinea Energy

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