IPO Merlin says interest has been brisk

IPO hopeful Merlin Petroleum says there has been keen retail interest in its offering with almost 1500 prospectuses sent out since it opened two weeks ago. The offer closes at the end of the month.
IPO Merlin says interest has been brisk IPO Merlin says interest has been brisk IPO Merlin says interest has been brisk IPO Merlin says interest has been brisk IPO Merlin says interest has been brisk

Merlin is seeking to raise A$15 million by offering 75 million 20c shares. A$10 million is being raised on the AIM in London, and A$5 million on the ASX.

The company is planning initial Cooper Basin drilling prospects and mid-term deep oil targets in the Pedirka Basin, south of Alice Springs, and in the Wiso Basin, midway to Darwin.

"The response confirms public confidence in the company's board, strategy and prospects", said managing director John Heugh. "Investors realise that the combination of our aggressive drilling program, large prospective regions and high oil prices makes Merlin an excellent prospect."

Jack Mulready, the independent geologist who assessed Merlin, said: "Merlin Petroleum has compiled a portfolio of petroleum assets which are noteworthy because of the balance between low, medium and high risk plays. The strategy provides the opportunity for establishing early cashflows."

Merlin's public offer is open until the 31st August. Prospectuses are available from the company's website - www.merlinpetroleum.com.au

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