The funds were placed with a group of investors, including several overseas firms, Impress said.

Following payments to buy a further 12.5% interest in permits PEL 86, 87, 89, 104, 111 and 115, the company will have about A$4 million to fund its share of the drilling program. The program is expected to start with drilling the Mirage-2 well around January 24 .

The first five wells in the program, including Mirage-1, 2 and 3, are expected to cost Impress about $3.5 million, according to managing director Douglas Jendry.

“Impress expects that positive results of the drilling program may lead to a further two development locations being drilled at Mirage for a cost to Impress of approximately A$1.4 million,” Jendry said.

On January 12, Mirage-1 increased its pump rate to 380 barrels of oil per day. Combined gross production with Ventura-1 is now over 440 barrels of oil per day, the company said. Impress’ 40% share represents a A$400,000 per month gross revenue, based on US$60/bbl oil price.

The company has also interpreted the 3D Mirage seismic survey over the last few months and is “extremely pleased with the results,” Jendry said.

“At Mirage, it appears that the oil/water contact encountered is below what has been mapped as the structural closure of the Mirage feature,” he said.

“This means that the Mirage field has either a stratigraphic component or the field is larger than first mapped.”

Interpretation also suggested that Mirage could be part of a larger feature covering about 20 square kilometers, including the northeast Lightning prospect, claimed Impress.

The company said the area had potential to contain up to 20 million barrels of in-place oil.

“Further exploration drilling is required to confirm this possibility and that is expected to take place after the three Mirage development wells,” Jendry said.