Our site uses cookies to facilitate your visit. By continuing, you agree to our use of cookies.

Cookie compliance notification

List of Cookies used on Argus Media

Analytics Cookie

These cookies allow us to count page visits and traffic sources so we can measure and improve the performance of our site, using a service provided by Google Analytics. The analytical cookies are non-intrusive, which explains why they are already set when a user accesses this website.

Cookies used: __utma, __utmb, __utmc, __utmz, __SC_ANALYTICS_GLOBAL_COOKIE, __SC_ANALYTICS_SESSION_COOKIE

Compliance Cookies

This cookie is placed if you click the Hide button in this message. It tells us you have read the message and stops this message from displaying.

Cookies used: CookieLawCompliance

Functional Cookies

These cookies are used to enable core site functionality like login and logout. They do not contain any personal information and are automatically deleted when you close your browser.

Cookies used: ASP.NET_SessionId, ARGUSFORMONLINE, SITELOGIN

Australia’s Beach seeks funds for shale development

27 Mar 2012, 6.36 am GMT

Sydney, 27 March (Argus) — Australian independent Beach Energy plans to raise A$345mn ($362mn) to finance exploration and development of its shale gas reserves in the Cooper basin in central Australia.

The capital, raised through a combination of a share issue and an unsecured convertible note issue, will also fund continuing appraisal and development of oil discoveries in Egypt and its exploration activity in Tanzania, Beach said today.

The company will raise A$195mn through a rights issue at a price of A$1.40 for each new share and the remaining A$150mn will be raised through the note issue due in 2017.

“We believe that in order to underpin this next phase of the company growth, an appropriate level of capital is required to ensure we are self funded for the foreseeable future,” said Beach managing director Reg Nelson.

Beach estimated that it would need to spend up to A$600mn to carry out all its activities.

Send comments to feedback@argusmedia.com
km/rjd 2.6



If you would like to review other ArgusMedia.com content options, request more information about Argus' energy news, data and analysis services.

Copyright © 2012 Argus Media Ltd - www.ArgusMedia.com - All rights reserved.

View more news articles