Chariot Ltd (AIM:CHAR, OTC:OIGLF) said it has raised £2.3 million (US$3 million) from an open offer on top of the £11.7 million raised from a placing last month.
In its second announcement of the day, after confirming the addition of a new onshore licence in Morocco, the company said it has received a take-up of over 199% of its open offer, with more than 33 million valid acceptances from qualifying shareholders.
It said all qualifying shareholders who have validly applied will receive their full basic entitlement, and any excess applications will be scaled back accordingly.
Both fundraisers require shareholder approval at a general meeting to be held on Wednesday.
Chief financial officer Julian Maurice-Williams said the significantly oversubscribed open offer brings the total fundraise to US$19 million.
"Further to signing the Loukos licence as announced this morning, we look forward to moving forward with our drilling plans and into a busy period for the company over the coming months."