East Energy makes impressive debut

COAL hopeful East Energy Resources yesterday made an impressive Australian Securities Exchange entrance, opening at a 60% or 15c premium Wednesday morning to its 25c issue price.

Staff Reporter

The company, which is focused on exploring for coal mineralisation in Queensland, reached a high of 43c in intraday trading.

To fund the work East Energy raised $A4.5 million via the issue of 18 million shares at 25c each, and on listing yesterday the company had 90.5 million shares on issue.

The company's key projects are the Norwich Park tenements in the Bowen Basin and the Blackall prospect in the Adavale Basin. At Norwich Park, East Energy intends to start a drilling program next year while also carrying out a desktop review of historical exploration carried out at Blackall in the 1970s.

The Perth-based company has allocated $3 million towards its capital raising for exploration.

Heading East Energy's board is non-executive chairman Terry Byrt, who last year also oversaw the successful listing of coal-focused junior RMA Energy. Joining him on the company's board is Mark Basso-Brusa as managing director and Clive Triplett will be stepping up as executive director, who is also the managing director of RMA.