Under a private placement managed by Euroz Securities, Impress placed more than 62 million shares at 7.5c each.

The money raised will be spent on a 10-well exploration program starting in the middle of this month with Wirraway-1, to be followed by Tomcat-1 in January.

Also, the funds will be used developing the Growler oil discovery by drilling an appraisal well next month. The company hopes to bring the Growler-1 well into production in March.

Money will also be spent on further development work at the Mirage oil field production facilities, and some spared for future working capital.