Woodside sets out to raise $2.5bn
December 13, 2009
Woodside Petroleum Limited (WPL), which had avoided tapping the market for extra funds as it battled through the worst of the GFC, has this morning announced a $2.5 billion capital raising. Woodside said the funds raised would strengthen the company’s balance sheet and facilitate the ongoing development of LNG deposits, including an expansion of Pluto, and new work at Browse and Sunrise off Australia’s north-west shelf.
The company said the capital raising would come in the form of a one-for-twelve entitlement offer at a price of $42.10, or a discount of 10.8% from Friday’s closing price of $47.18.
Woodside has confirmed that Shell, its largest shareholder, would take up its entitlement with an $862 million investment in the Aussie petroleum producer.
Woodside expects to announce the outcome of the Institutional Entitlement Offer to the market prior to the commencement of trading on 17 December 2009, with the company's shares to remain in trading halt until this time.
Meanwhile, the company said it was expecting to produce 81 mmboe this year, although only between 70 to 75 mmboe next year as it sells off its interest in the Otway Gas project.
Woodside also confirmed the Pluto Train 1 project was 82% complete with the first LNG expected to be pumped in early 2011.
The company said the capital raising would come in the form of a one-for-twelve entitlement offer at a price of $42.10, or a discount of 10.8% from Friday’s closing price of $47.18.
Woodside has confirmed that Shell, its largest shareholder, would take up its entitlement with an $862 million investment in the Aussie petroleum producer.
Woodside expects to announce the outcome of the Institutional Entitlement Offer to the market prior to the commencement of trading on 17 December 2009, with the company's shares to remain in trading halt until this time.
Meanwhile, the company said it was expecting to produce 81 mmboe this year, although only between 70 to 75 mmboe next year as it sells off its interest in the Otway Gas project.
Woodside also confirmed the Pluto Train 1 project was 82% complete with the first LNG expected to be pumped in early 2011.
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