The Perth-based minnow yesterday said it would use the money raised from investors to fund continuing exploration and ongoing corporate overheads.

The company holds interests in several overseas and Australian projects.

In Europe, Pancon holds an 80% interest in an offshore Malta block, where it is currently awaiting government approval to restart a planned seismic survey.

Also in the Mediterranean, the company holds a 100% interest in a block offshore Morocco, and is awaiting the formal issue of the reconnaissance licence by the relevant Moroccan minister.

In Africa, the company recently entered a farm-out agreement with Origin Energy into its Kenyan L-8 and L-9 offshore production sharing contract areas. The joint venture will contract for the acquisition of the extensive detailed seismic program over prospects already delineated in the two PSC areas.

In its most recent deal, Pancontinental has brought in Victorian junior, Gippsland Offshore Petroleum, as a farm-in partner.

Gippsland plans to earn a 60% interest in the Kenyan production sharing contract L-6 block, in the offshore Lamu Basin Block, by undertaking $US1.9 million ($A2.5 million) worth of 2D seismic, airborne gravity and possible geochemical acquisition programs by February next year.

In Western Australia, Pancon owns stakes in three Carnarvon Basin permits, one in the Barrow Dampier Sub-basin and another in the Canning Basin.

The share placement was managed by Carmichael Capital Markets for a fee of 2.5% of the funds raised.