Woodside completes A$2.5 bln LNG equity raising

Woodside completes A$2.5 bln LNG equity raising
Image courtesy of Woodside

Australian LNG operator Woodside completed the retail shortfall bookbuild, the final stage of its entitlement offer aiming to garner in A$2.5 billion ($1.97 billion).

Approximately 14.4 million entitlements were offered for sale in the retail shortfall bookbuild conducted after the market close on March 12, Woodside said.

The final closing price was at A$28.6, representing an A$1.6 premium to the underwritten offer price of A$27.

Speaking of the completion of the entitlement offer, Woodside CEO, Peter Coleman said it will assist the company to progress its “Scarborough, SNE-Phase 1 and Browse developments.”

The settlement date for new shares to be issued under the retail entitlement offer and the retail shortfall bookbuild is expected on March 15, Woodside said.

Woodside has already made inroads with the Scarborough development with an agreement with BHP to waive its right of pre-emption and provides its consent to the sale by ExxonMobil to Woodside of its 50 percent interest in WA-1-R, and the Scarborough joint venture., resulting in Woodside’s interest rising to 75 percent.

This also means that upon completion of the transaction, targeted for the first quarter of this year, Woodside will become the operator of the Scarborough development.

At the occasion, Coleman said the Scarborough joint venture will be focusing on finalizing the development concept prior to entering FEED and positioning for FID in 2020.

 

LNG World News Staff

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Posted on March 13, 2018 with tags .

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