The funds will be used for the refurbishment of Kimberley Oil's wholly-owned drilling rig, fund commencement of the redevelopment of some existing wells at the Blina Oilfield as well as provide additional working capital.
In addition to the Blina Oilfield, the company has the Yalleroo gas and condensate prospect near Broome, which it is actively seeking to farm-out.
Kimberley Oil told the stock exchange the complete program will cost about $3.5 million to carry out with funds from this placement being used to commence the program. It added the next stage of funding will also come the way of further issue placements.
