Indonesia: MEO Raises USD 10 Mln Via Private Placement to Fund Gurame Production Testing

MEO Australia Limited advises that it has Executed a Private Placement Agreement with Asian Energy Limited, a company managed by Noonday Asset Management Asia Pte Ltd (Noonday), to raise $10.0 million, to provide working capital to fund the production testing of Gurame-1XST1. Under the agreement, MEO will issue Asian Energy Limited 40,816,327 shares at an issue price of $0.245 cents per share.

Noonday, is a Singapore-based investment advisor that serves as an exclusive sub-advisor to Farallon Capital Management, a San Francisco-based global fund manager. Noonday brings extensive expertise in investing across Asia having made significant investments in the Asian energy sector, particularly in Indonesia.

The Seruway PSC (MEO 100%) contains the Gurame and Kuala Langsa gas discoveries together with a host of additional targets along the Ibu Horst which MEO considers to be prospective for gas and also liquids. Collectively, these discovered and prospective resources have the potential to underpin a significant gas development in a region with strong unsatisfied demand for gas.

MEO’s CEO and MD Jürgen Hendrich commented on the announcement:

“We are delighted to welcome Noonday as a cornerstone investor and substantial shareholder. Having a large, highly respected financial institution such as Noonday on the register, provides investment support and funding options for MEO as the company pursues a portolio of projects in Northern Australia, Thailand and Indonesia. Noonday’s investment expertise within the Asian energy sector, particularly in Indonesia, is a key strategic element that will become increasingly important as we seek to mature our projects towards development.”

[mappress]
Press Release, November 19, 2012