newly listed in late Dec 2011 @ 20c, and after opening below this level is now 22c

Ambassador’s oil and gas projects comprise the following interests in PELs located in the Cooper and Eromanga Basins of South Australia.
Licence Interests
• A 100% interest in PEL 570 which was awarded to Ambassador Exploration as part of the 2010 Cooper Basin acreage release by the S.A. Dept of Primary Industry and Resources. PEL 570 is made up of five parts totalling almost 2,400 square kilometres; the most southern part is located approximately 75 kilometres north of the Moomba gas processing facility
• Ambassador Exploration has entered into the Farm-in Agreements with Stuart Petroleum, a wholly owned subsidiary of Senex Energy, whereby Ambassador Exploration has the ability to earn up to a:
– 60% interest in each of the Rowley Block and Mudlalee Block in PEL 516. These blocks are located approximately 50 kilometres south-southeast of
Moomba; and
– 50% interest in the Zulu Block in PEL 113. The Zulu Block is located approximately 50 kilometres southwest of Moomba.

- portfolio contains a mix of targets including conventional oil, conventional gas, unconventional coal and shale gas.
- raised $16mill

another one for the cooper watchlist b.

i'll have to get a fresh cooper thread for the new year. things are differnt, and cooper has gone from boring small pool stuff to non conventional reserve booking story. [with infrastructure]

- Ambassador issued 81,750,000 shares at $0.20 per share raising $16.35 million before costs. The funds raised will be used to build a successful and sustainable Cooper Basin oil and gas production business.

-Oil drilling to commence in February: A rig has been secured to commence drilling the Kruger 1 oil exploration well located in the PEL 516 Mudlalee farmin block in late February 2012 subject to joint venture approval.

- Planning for PEL 113 3D Seismic commenced: Planning for the acquisition of 100 sq km of 3D seismic in the PEL 113 Zulu block underway. The seismic is targeting both oil and liquids rich gas prospects.

- PEL 570 (AQO 100%) - A review performed by recognised Australian unconventional gas specialists MBA Petroleum Consultants determined that PEL 570 is prospective for unconventional gas with a moderate liquids content from the thick Permian aged Toolachee and Patchawarra coal seams. MBA advised that the coal seams in PEL 570 may contain some 6.5 TCF of gas in place. Furthermore, MBA advised a significant quantity of conventional tight deep basin gas in the Patchawarra trough of the Cooper Basin providing an additional as yet unquantified gas target in PEL 570.

Plus unconventional gas activities by Operator in Cooper are as follows:

- Beach Energy have announced that they will be drilling five vertical delineation wells and drill three horizontal wells targeting high gas yield zones. Furthermore, Beach and Strike Energy have also announced the drilling of two unconventional gas wells in the southern part of the Cooper Basin.
- Santos have announced that its first dedicated Cooper Basin shale gas well, Moomba 191, was drilled in December 2011. The well is located approx 65 Km south of PEL570 on the western flank of the Nappamerri Trough. The well, drilled to a depth of 9,035 feet, was cased and suspended. Well stimulation activities are to be undertaken in March 2012.
- Senex Energy are currently drilling three dedicated shale gas wells and have successfully completed a mini-frac of shales in the Allunga trough.

Summary of the Offer

By this Prospectus, the Company makes a pro-rata non-renounceable entitlement offer on the basis of one new Option for every three Shares held by Shareholders on the Record Date at an issue price of $0.003 per Option to raise up to approximately $142,059 before expenses of the Offer.

The Options have an exercise price of $0.25 each, with an expiry date 31 October 2013 and are otherwise on the terms set out in section 8.1 of this Prospectus...

seems a curiously small offer, maybe something to kick interest along/ lift the s/p (which it did back over 20c). Last chance to buy in tomorrow ((a mate who 'scooped up' 10,000 reckons it is pretty cheap exposure to some upside. - total outlay about $10 for 3,333 oppies))

Senex drilling has been delayed till May, by the way