Nido will initially issue 55.5 million shares under its 15% placement facility with the balance to be issued subject to shareholder approval. Most of the shares will be placed with large managed funds in Hong Kong and London and a notice of meeting will be sent to shareholders as soon as possible, the company said.

Nido intends to use the funds to increase oil production from its Nido and Matinloc fields in the Philippines, to develop the Galoc field (a move which is awaiting approval by the Philippines Department of Energy), and to explore and possibly develop the Palawan Basin in the south-west Philippines.

Nido also plans to undertake further exploration and production its North Sea blocks and to buy into other North Sea blocks either by open acreage bidding or farm-ins.

The company said it also intends to evaluate the UK gas market in order to fast-track the development.