Shareholders who wish to apply for more than $5000 will be able to do so in accordance with a soon to be lodged prospectus that will issue up to 25 million shares at the same price, the company said.

West Oil said the funds raised will be used for general working capital and "for progressing a number of opportunities that West Oil is currently assessing."

Currently, West Oil is progressing with the Century and Concordia farmin to the AC/P22 permit in the Timor Sea, which contains the Puffin-2 and Puffin-5 oil fields.