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Quest Petroleum Places Shortfall To Entitlement Issue

Quest Petroleum's (ASX: QPN) entitlement issue shortfall has been placed from a recent fully underwritten entitlement issue.

The issue was fully underwritten by Cannacord Wealth Management and Etchell Capital Pty Ltd, one share for every six shares held together with one free attaching option for every two new shares issued at an issue price of 0.6 cents per share to raise $2,461,732.

The funds raised from the issue will be used on the drilling program at the company's Ranau Projects in South Sumatra.

A placement of a further 263,530,443 shares (together with one free attaching listed QPNO option for every two new shares subscribed) represents the total shortfall from the entitlement issue not taken up by shareholders.

The shares and options placed represent the total shortfall from the Entitlement Issue not taken up by shareholders.

The allotment of the Shortfall Placement was completed on 22 January 2013.

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