United Oil & Gas PLC (AIM:UOG) has conditionally raised £2.3 million to support a planned piston coring programme at its Walton Morant exploration licence offshore Jamaica.
The oversubscribed fundraising includes a placing of 1.48 billion shares and a subscription for 70.7 million shares, both at 0.15p per share.
Proceeds will fund the mobilisation of a suitable vessel, technical and analytical costs, and general expenses related to the piston coring and surface geochemical survey, United said.
It added that a recent independent review indicated that a successful survey could raise the Geological Chance of Success at the Colibri prospect from 19% to 32% and at Oriole from 13% to 21%.
Chief executive Brian Larkin described it as "a pivotal moment".
"The piston core survey has the potential to materially de-risk the Walton Morant Basin, and we are determined to deliver it," Larkin said in a statement.
"This is about driving tangible value for shareholders and ensuring United remains in the strongest possible position to move Walton Morant forward."