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Specifically Cheetah said it would focus on re-entry drilling at its Kuru-2 well located within PPL-246 near the south coast of PNG.
In raising the $US5 million Cheetah has issued convertible notes to a Macquarie Bank subsidiary. The notes have a maturity date of one year from being issued.
Earlier this year Cheetah said it had appointed Simmons Drilling to undertake the Kuru-2 re-entry program.
“Re-completion of the well will involve re-entering the seven inch casing, drilling out the cement plugs and running an ultrasonic imaging logging tool to evaluate the integrity of the casing and the condition of the cement bonding," Cheetah said.
The Toronto Stock Exchange-listed company holds five petroleum prospecting licences in PNG covering a total of 8.3 million hectares. In June 2004, Cheetah acquired 99% of Scotia Petroleum and subsequently two PPLs in PNG.
In a recent company presentation Cheetah said it was a “potential supplier” to the PNG Gas Project.
