The plan comprises 1 option for every 4 shares held at an issue price of A$0.01 and an expiry date of 30 November 2014, with the funds to be allocated to early stage expenditure for the La Bella 3D seismic program, and for general working capital.
Steve Noske, managing director, commented: "The decision to accelerate the early seismic acquisition at La Bella was part of the farm out process for this acreage.
"The opportunity to bring the program forward will greatly assist in keeping to the proposed timetable laid out in the recent La Bella update. The Entitlement Issue is an opportunity to recognise the loyalty shown by smaller shareholders."
WHL Energy has appointed Quattro Capital Group as lead manager for the Entitlement Issue and has agreed to manage any entitlement shortfall.
VIC/P67 contains the undeveloped La Bella gas field in offshore Otway Basin, which importantly is in proximity to the Victorian gas market.
WHL had previously said that La Bella, which holds Best Estimate (2C) Contingent Resources of 158 petajoules, could have conservative net present value of A$75 million at current gas prices of A$6 per gigajoule. This value could more than double to over A$140 million if gas prices increase to A$8 per gigajoule.
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