The placement of 62 million 14c shares will be issued mainly to investors from Australia, the United Kingdom and North America.

FAR executive chairman Michael Evans said the capital raising had received “overwhelming support.”

“Funds raised will allow FAR to continue to aggressively pursue its world class exploration portfolio,” he said.

“An exciting program over the next few months includes seismic interpretation to define the first drill targets in deepwater West Africa where FAR is rubbing shoulder with industry heavyweights; FAR’s first ground floor 3D seismic initiatives in North America; and drilling offshore China, Australia and North America.”

In Senegal, some of the funds will be spent analysing data from a recently completed 2089 square kilometre 3D seismic survey over its deepwater blocks.

The aim of survey was to further refine prospects and leads identified on earlier 2D seismic by joint venture Senegas Hunt Oil Company.

FAR said several of these leads and leads were capable of hosting several hundred million barrels of oil.

In China, the company plans to use some of the funds to advance development of its 5% held offshore Wei 6-12 South oil discovery, as well as a four to six well drilling program starting in November.

Back in Australia, the company plans to participate in Arc Energy’s drilling of two consecutive wells in the onshore Canning Basin, beginning in late July.

The Stokes Bay well is targeting 80 billion cubic feet of gas potential, while the Valentine prospect is estimated to contain up to 200 million barrels of oil.

Meanwhile, the company is planning to drill multiple wells in the Gulf of Mexico, where its 2007 drilling program has a 100% completion rate.

On the Gulf Coast, FAR hopes to undertake a 50 square mile (80 sq.km) 3D seismic survey at NE Waller, which it says is on depositional strike with several nearby fields that have collectively produced a 250 Bcf of gas and over 30 million barrels of liquids.