L&M Petroleum on the move

Oil and gas explorer L&M Petroleum is moving its registered office from Christchurch to Wellington and has announced a bonus option issue.

The company listed in this country and Australia in January after raising A$20 million ($22.9 million) in an initial public offering.

The bonus option issue would be made on a pro-rata, one for two basis, L&M said today.

That would entitle the holder of record on April 12 to buy one ordinary share in the company per option by October 12, 2008 at an exercise price of A25c per share.

The company holds four onshore and one offshore petroleum exploration permits in the western Southland Basin of the South Island.

It said it would carry out an "aggressive" exploration programme during the next two years focusing on the discovery of major oil and gas resources.

L&M shares were up 1c to 27c early afternoon today.

- NZPA