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The placement was taken up by overseas investors at a price of 10 cents per share and increases the company's share capital to 144.9 million shares.
Gippsland has a 50% stake in a Jamaican joint venture covering five exploration blocks in the Walton Basin in the Caribbean Sea.
The company also has interests in East Africa, where it is finalising the terms of a production sharing contract with the Kenyan Government, and in the Aquitaine Basin, France, which is expected to be formally awarded to Gippsland in mid 2008.
