McCullough Robertson has acted for Senex Energy Limited on its $155 million capital raising by institutional placement and accelerated entitlement offer. The equity raising is to fund exploration and appraisal of Senex’s unconventional gas acreage in the Cooper Basin.
The raising was launched on 19 June 2012, and comprises a placement to institutional investors to raise $50 million and a 2 for 13 accelerated entitlement offer to raise a further $105 million. The capital raising will fund a material follow-on exploration and appraisal program of Senex’s unconventional gas permits in the South Australia Cooper Basin.
The capital raising follows some significant work for Senex by our corporate advisory team, led by Derek Pocock, Partner, during the course of 2011 in which we advised Senex on its $76 million takeover of Stuart Petroleum Limited and a $53 million rights issue.