The company has placed 32,500,000 new ordinary shares at 1.6p per share. The firm plans to use the funds to finance exploration operations in Black Rock’s recently acquired acreages in the North Sea and offshore the Republic of Ireland.

“The company will now be able to fund all exploration and will not need to raise further funds in the foreseeable future,” Black Rock said.

“Application will be made for the new shares to be admitted to trading on AIM.”