Elixir Petroleum Ltd’s entitlement issue closes on 25 June.
The Australian-registered oil and gas explorer hopes to raise up to A$14.5m (£7m) from the entitlement issue and a separate placing. The one-for-eight entitlement offer at A$0.27 (13p) will raise A$5.44m (£2.6m) and is underwritten.
The cash will be used to finance drilling on the Pompano gas project in the Gulf of Mexico, expand in the same region, finance commitments in Sierra Leone and fund expansion in the North Sea.
Blue Oar was appointed as nominated adviser and broker at the end of May 2008.
At 13.5p a share Elixir is currently valued at £21.8m.
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