Peak Scales Australia IPO Heights

摘要

Australia's Peak Oil and Gas will launch next week an initial public offering (IPO) to raise A$55 million (US$54.1 million) on the Australian Securities Exchange, the largest IPO so far this year by an Australian oil company. The upstream independent will offer 157 million shares at A$0.35 each to finance the Cadlao redevelopment project in the Philip- pines, in which it holds a 50% interest. Peak expects the field, which was in production in the 1990s, to produce 8,000 barrels per day net for three months when it comes on stream in the fourth quarter of 2011, and to average 5,800 b/d over the first six months.