Widespread Energy's annual general meeting last night included plans for two possible overseas listings.The energy exploration company has identified its Chatham Rise seabed phosphate asset – purportedly worth $6.7 billion - as a main focus, and has
Widespread Energy’s annual general meeting last night included plans for two possible overseas listings.
The energy exploration company has identified its Chatham Rise seabed phosphate asset – purportedly worth $6.7 billion - as a main focus, and has raised $1.1m of project financing since winning a prospecting license for the area in February.
The project may be listed overseas in 2011 to raise additional funds.
In addition to the Chatham Rise license, Widespread has shares in three New Zealand petroleum licenses, and holds 13.2% of private Fijian oil and gas explorer Akura – which is also considering overseas listing, on the Australian exchange.
West coast license PEP 38526 has caused problems, with the Kotuku exploration well abandoned in April after repeat technical issues. Additional bores are being considered.
Drilling will go ahead in a Taranaki permit PEP 50110 – held by Green Gate with Widespread as an 11.8% shareholder - later this year.
As at 29 June, Widespread Energy’s market capitalisation was worth $3.837 million, with shares trading at 16 cents and options at 4 cents.
