Surat Basin gas play PZE Ltd puts pre-IPO raising to investors

The Australian Financial Review2022-09-29

Armour Energy castaway, the Waldegrave gas project, appears to be yoyo-ing back to the ASX-boards, this time via new owner PZE Ltd.PZE Ltd is in the market with a pre-initial public offering funding ...

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PZEAs part of their pitch to potential investors, PZE advisers PKF Capital and Wis Capital said LNG exporters may be required to divert additional gas to the domestic market.\n AFRWaldegrave, in Queensland’s Surat Basin west of Brisbane and formerly owned by Armour Energy, has 100 per cent equity stakes in six permits, all of which are classified as conventional gas and at the development and appraisal stage.The flyer sent to potential investors said Waldegrave had 60 to 100 petajoule “resource potential”, and its permits covered nearly 700 square kilometres.The flyer made it clear PZE Ltd was still working out its future. Growth opportunities listed included exploration upside, M&A potential, hydrogen, carbon capture utilization and storage, mine degasification, reforestation and carbon credits, and the like.Its initial focus would be on the re-development and decarbonisation of Waldegrave targeting scope 1 and 2 emissions, utilizing CCS and reforestation, the flyer said.The company was seeking $6.5 million to $7.5 million for its pre-IPO raising, the flyer said, and $10 million to $15 million for next year’s IPO. PKF Corporate Finance in Sydney and Wis Capital were listed as the advisers.The overarching pitch was Australia’s east coast gas market, and the hefty projected shortfall of gas if LNG exporters kept exporting all excess gas supplies above long-term supply agreements.In PZE Ltd’s eyes, that means elevated gas prices under tight domestic and international supply conditions, and the need for new projects like Waldegrave to supply gas into the system.Key stats on Australia’s east coast gas market: Waldegrave, in Queensland’s Surat Basin west of Brisbane and formerly owned by Armour Energy, has 100 per cent equity stakes in six permits. AFRFollow the topics, people and companies that matter to you.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2271757071"}