Gippsland raises funds for exploration

GIPPSLAND Offshore Petroleum has raised $1.5 million from a recent placement of 15 million shares for general working capital and future exploration.
Gippsland raises funds for exploration Gippsland raises funds for exploration Gippsland raises funds for exploration Gippsland raises funds for exploration Gippsland raises funds for exploration

The placement was taken up by overseas investors at a price of 10 cents per share and increases the company's share capital to 144.9 million shares.

Gippsland has a 50% stake in a Jamaican joint venture covering five exploration blocks in the Walton Basin in the Caribbean Sea.

The company also has interests in East Africa, where it is finalising the terms of a production sharing contract with the Kenyan Government, and in the Aquitaine Basin, France, which is expected to be formally awarded to Gippsland in mid 2008.

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