Canada's Trans-Orient raises $8.6m for exploration in NZ

By NZPA

Thursday 18th January 2007

Canadian-based oil and gas explorer Trans-Orient Petroleum Ltd said today it had raised $US5.9 million ($NZ8.63m) which will be used for exploration in New Zealand and Southeast Asia.

The money was raised by private placement of 5.9 million units at $US1 each.

Each unit consists of one common share and a half-warrant, with each full warrant entitling the holder to purchase an additional common share at a price of $US1.35 for a period of eighteen months from today.

Trans-Orient, which owns 11.2% of Austral Pacific, in June acquired exploration rights in two areas -- PEP 38348 and 38349, onshore in southern Hawke's Bay and an area north of Gisborne.

Trans-Orient said it would use the capital from the capital raising to expand its operations in New Zealand and Southeast Asia.

Trans-Orient had a New Zealand unit registered here until 2003, when it was liquidated.

Austral Pacific, 17.9% owned by Infratil, has a 36% interest in the Cheal onshore oil field in Taranaki.

Austral began a $25 million development of the Cheal field in July. The field was projected to product 1900 barrels of oil a day from the second quarter of this year.

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