KPL raises K17.9mil in Q3

 KINA Petroleum Ltd has successfully sold 22.76 million fully paid shares and raised A$8 million (K17.9 million) in the September quarter of 2012, according to the company.

KPL said in a statement that it also offered a share purchase plan which raised a further A$1.5 million at A$0.35 per share.

Non-executive chairman John Prendiville said: “The proceeds of these equity raisings are being used both to fund ongoing exploration and development work and for general working capital purposes.

“The last 12 months have seen a tremendous amount of activity at the company on asset exploration and early stage development work, successful new license applications, an equity raising and other commercial activity undertaken by Kina’s management, board and advisers.”

The company’s highlights include :

l The significant resource upgrade for the Elevala and Ketu fields in the June quarter;

l Kina awarded a 50% interest in a new license in the Western Papuan Basin in PNG (PPL 435);

l Successful in application for a 50% holding in PPL 436 and 80% holding in PPL 437, both in Western Papuan Basin.

“Kina currently has working interests in eight exploration and development licenses in Papua New Guinea, an increase from five licenses held this time last year.

“We are very focused on generating activity, either through our own activity and expenditure or with others that ultimately leads to a commercialisation of the company’s assets wherever possible,” Prendiville said.