Abacan Raises U.S. $93,750,000 in U.S. Public Offering.CALGARY, Alberta--(BUSINESS WIRE)--Nov. 6, 1996-- Abacan (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : ABC ABC in full American Broadcasting Co. Major U.S. television network. It began when the expanding national radio network NBC split into the separate Red and Blue networks in 1928. , NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : ABACF) Abacan Resource Corporation announced today the closing of an offering of 12.5 million common shares at a price of U.S. $7.50 per common share for gross proceeds to the Company of U.S. $93,750,000. The Company may receive an additional U.S. $14,063,500 pursuant to the underwriters' over-allotment option (1,875,000 shares). The common shares were sold to investors in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and Europe. Howard, Weil, Labouisse, Friedrichs Incorporated acted as lead manager and Oppenheimer & Co., Inc. acted as co-manager in respect of the offering. The proceeds of the offering will be used by the Company in the Niger Delta to fund the completion of the production facilities for the Company's NGO NGO abbr. nongovernmental organization Noun 1. NGO - an organization that is not part of the local or state or federal government nongovernmental organization field, to drill a sixth development well, a horizontal re-entry RE-ENTRY, estates. The resuming or retaking possession of land which the party lately had. 2. Ground rent deeds and leases frequently contain a clause authorizing the landlord to reenter on the non-payment of rent, or the breach of some covenant, when the of an existing well and additional exploratory wells to further delineate the eastern extension of the NGO field. In the Benin Basin, funds will be used for drilling and testing the Company's first two offshore wells on Concession Block 309 and some of the costs of a future production facility. DRILLING OF AJE No. 2 WELL IN BENIN BASIN CONTINUING Drilling is now proceeding on AJE No. 2, the Company's second offshore well located on Concession Block 309. AJE No. 2 is targeting multiple zones, including three deep formations identified by seismic but not penetrated by Abacan's first exploration well, AJE No. 1. PRODUCTION FACILITIES NEARING COMPLETION IN NIGER DELTA The Company continues to work towards the completion of the production facilities located in the Niger Delta. All of the associated production facilities are on location. At present, the Sedco Forex Forex See: Foreign exchange "Trident VIII" jack-up drilling rig is preparing the Company's five existing wells for production and the installation of the Company's offshore production facilities is nearing completion. CONTACT: Abacan Resource Corporation Wade Cherwayko, 403/262-1220 or Abacan Resource Corporation Ms. Lon Boshouwers, 403/ 262-1220 |
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