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Orpheus Energy raises funds for Indonesian coal project

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Orpheus Energy has raised funds through a share placement to augment the company’s portfolio of near term coal production assets in Kalimantan, Indonesia.

The proceeds worth $2.24m will be used for the acquisition and development of satellite mines in the South Kalimantan Kintap area and for the drilling and exploration of the B34 Project in East Kalimantan.

Orpheus Energy executive chairman Wayne Mitchell said, "We are very pleased to be able to welcome a range of new international investors to Orpheus, as we continue our strategy of developing a quality portfolio of production and near term production assets in Indonesia."

Orpheus Energy key focus is boosting coal production and exploration in South Kalimantan, Indonesia. The company noted it is moving its B26/34 projects into production, undertaking exploration programmes at the Papua project and acquiring near term production assets.

In March 2012, Orpheus has signed a deal with PT Mega Coal International to acquire a 50% stake in the Alam Duta Kalimantan (ADK) thermal coal project.