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ARTICLE · 22 AUGUST 2013

Energy Sector update: August 2013 edition

Corrs Chambers Westgarth
Corrs Chambers Westgarth
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Corrs Chambers Westgarth

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This update is a summary of recent announcements, market rumours and opportunities, and relevant regulatory updates.

AustraliaEnergy and Natural Resources
Michael MacGinley
Michael MacGinley
Bruce Adkins
Bruce Adkins
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INTRODUCTION

Welcome to the August 2013 edition of the Australian Energy Sector Update, a monthly publication prepared by Corrs Chambers Westgarth for clients who are interested in the Australian energy industry.

This publication brings together a brief summary of information on recently completed deals, market rumours and potential opportunities, and relevant regulatory updates.

RECENT ANNOUNCEMENTS

On 26 July 2013, the Richard Cottee-led ASX-listed Central Petroleum announced it had placed 100 million shares at A$0.10 per share, with over 80% of the placement being taken by three large domestic institutions. Proceeds from the placement will fund Central Petroleum's Surprise and East-1 assets into production. If the assets perform as expected, Central Petroleum said it will have a cash flow of A$20 million in 2014 to fund its share of a farmout.

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