re: Ann: Cooper Energy / Zeta Farm-In Terms U... heres some...

re: Ann: Cooper Energy / Zeta Farm-In Terms U... heres some nZeta plans Oz IPO
Zeta Petroleum has the Australian Stock Exchange in its sights as it prepares to launch an initial public offering next year.

Eoin O'Cinneide 04 October 2011 09:04 GMT

The UK-based minnow is eyeing a purse of up to AUD 15 million ($14.17 million) with the listing move which is set to go ahead in March, it revealed on Tuesday.

The mooted flotation comes the month after a planned sale of the Romania-focused company to Australian independent Key Petroleum fell through.

Zeta said it expects to use proceeds from the IPO to drill wells on its 100%-owned Bobocu gas field in Romania as well as for pursuing “new ventures” and for working capital purposes.

Zeta managing director Michael West was not available for comment on Tuesday morning. Pursuit Capital has been retained as lead manager for the IPO.

Zeta’s $12.7 million deal with Key collapsed after the former penned an agreement with Australian independent Cooper Energy for a share of up to 50% in its Bobocu field.

Key said in mid September it wanted to end the agreement “on the basis that it is unlikely the conditions precedent to that acquisition will be satisfied by the completion date” of 30 September.

“In the event Zeta does not agree to early termination Key considers the acquisition agreement will terminate on 30 September 2011.”

Apart from the Bobocu field, Zeta has a 50% holding in the Jimbolia marginal oilfield and a 12.5% in the Padureni marginal gas field, both in Romania.

Published: 04 October 2011 09:04 GMT | Last updated: 04 October 2011 09:06 GMT
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