The funding effort aims to cover the costs of production testing at the Winx-1 exploration well, in addition to possible cost overruns, lease rentals, interest costs, and ongoing geological and geophysical work.
It confirmed that it is offering eligible shareholders the opportunity to acquire one new share for every seven that they own. The rights issue is priced at 1p per new share.
The company noted that it reserves the right to undertake a placing of any shortfall shares to institutional investors.
Letters will now be sent to eligible shareholders, with an offer document dated 5 October.