The offer consisted of a common share and a two-year share purchase warrant exercisable at US$0.90 in the first year and US$1.15 in the second.

Corporate Affairs Manager Jenni Lean said the company had a number of wells and a 3D seismic survey planned in the upcoming months, covering 75 square kilometres of onshore Taranaki acreage which it shares with Tap Oil.

"We've got a number of big wells in PNG and the Timor Sea," said Lean, "and we like to drill more than just the bare commitments.

"I've found you can never have enough cash in this business."

The company is listed on the Over the Counter Bulletin Board in the United States.