Last month's big offshore gas discovery in Victoria's Otway Basin has prompted gold miner Perilya to increase its stake in Strike Oil by subscribing to a placement of 2 million Strike Oil shares at an issue price of 75c per share.
Perilya, through its subsidiary company Kolmar, now holds 16,961,044 shares in Strike or 35.6%, up from 30%.
Strike Oil, in partnership with Santos, is drilling an appraisal well on the Casino find in a bid to firm up reserves in the field, the fourth big offshore gas discovery in the region in two years.
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