Late last month, the Perth-based junior postponed a share placement to sophisticated and institutional investors “pending clarity in market conditions”.

The last time the company visited the market was in November, when it successfully raised $5.6 million through an oversubscribed placement of 37 million shares.

In a statement today, the company said it would borrow $4.5 million on commercial terms from Melbourne investment bank Chimaera Capital.

The money will be spent on further work in the Great Artesian Oil and Gas-operated PEL 106 permit, where a large 3D seismic survey is underway and now 70% complete.

The Spinel 3D seismic data will provide additional information about gas/condensate and oil accumulations flanking the western rim of the Patchawarra Trough, as well as developing the joint venture’s existing discoveries.

In Queensland, Energy Investments says it has identified three CSM pilot areas in its 100%-owned ATPs 817 and 818 for appraisal over the next six months.

It said these projects came in addition to the coring work currently underway at its ATP613 and ATP 814 permits, which it holds in equal partnership with CSM Energy.