The funds were raised under two capital-raising arrangements – $13.8 million from institutional and sophisticated investors, while $1.3 million was raised under last month’s shareholder placement prospectus.

A total of 24.4 million ordinary fully paid shares at 62c each will be issued on the Australian Stock Exchange tomorrow.

The funds will be used to acquire long-lead inventory items to rapidly accelerate the drilling of the Crux appraisal well in the Timor Sea off the coast of northwest Western Australia later in the year.

“The support we have received in the market is encouraging,” managing director Ian Tchacos said today.

“This additional funding enables us to capture immediate opportunities to secure materials and a rig slot necessary to drill a Crux appraisal well.

“The timely drilling of the Crux-2 well is necessary to achieve our plans for the rapid development of the Crux liquids project.”