The placement took place via a book-build with the issue of 8,823,530 fully paid ordinary shares at an issue price of $1.70 per share to new and existing institutional investors.

Pure said the funds, together with cash on hand, would be used for a planned 30-well program targeting certification of 2P reserves of 300 petajoules over its existing CSM discoveries, and permit application 889(A), which is expected to be granted later this year.

The company estimates 2C Contingent Resource in the permits to be more than 2000PJ.

According to the company, the three permits comprise about 5% of its total Queensland acreage.

Pure said the funds would also be used for the company's ongoing exploration of its extensive acreage in the Duaringa Basin and the Walloon play in Queensland, and its Tasmanian license.

Managing director Steve Beardsall said the placement attracted a quick book-build of firm bids and indicated continued strong interest and market support for its existing projects and development plans.