Jupiter Energy Limited Announces $4 Million Capital Raise

Highlights:

• Targeted Capital Raise: Jupiter Energy Limited (ASX: JPR) plans to raise up to $4 million through a placement prospectus, issuing shares at $0.03 each.
• Strategic Development Focus: Funds will support drilling and testing a new well in the Akkar East oilfield, aiming to boost production from ~640 barrels per day to ~1,000 barrels per day.
• Shareholder Priority Offer: Existing Australian shareholders have a priority allocation of up to $500,000, with any shortfall open to other investors.

Proposed Capital Raising Details

Jupiter Energy Limited (“Jupiter” or the “Company”) has unveiled plans for a substantial capital raising initiative, aimed at securing up to $4 million. Partnering with Brisbane-based Vested Equities Pty Ltd as the lead manager, the company intends to issue shares at a price of $0.03 per share through a placement prospectus. The primary target is to raise $3 million, with the option to accept oversubscriptions of an additional $1 million.

Allocation of Funds

The funds from the capital raise are earmarked for critical development activities on Jupiter's Akkar East oilfield. Specifically, the capital will support the drilling, completion, and testing of a new well expected to commence in the first quarter of 2025. If successful, the new well aims to boost oil production from approximately 640 barrels per day to around 1,000 barrels per day.

Shareholder Participation

Existing Australian shareholders will have the opportunity to participate in a priority offer, with up to $500,000 allocated under this initiative. Any unallocated shares will be offered to other investors. To enhance communication, Jupiter has launched a shareholder hotline to provide detailed information and address inquiries regarding the capital raising.

Director Involvement

Jupiter’s Chairman and CEO, Geoff Gander, has expressed his intention to apply for up to $100,000 worth of shares in the offering. However, director participation is contingent upon shareholder approval at a general meeting anticipated in February 2025.

Timetable Highlights

The prospectus is expected to be lodged on December 11, 2024, with the capital raising closing on February 7, 2025. Shares are projected to commence trading on February 21, 2025.

At the time of writing, Jupiter Energy remains committed to advancing its strategic goals through this significant funding initiative.

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