Sound Oil (LON:SOU) has raised just shy of £3mln through its open offer share sale.
The Mediterranean oil junior today confirmed that it has received acceptances for 15.59mln new shares, which will be issued at 19p each.
Some 18.2mln shares were offered to existing investors through the open offer, which was launched last month. Shareholders could purchase one new share for every 23 shares they owned.
Sound Oil is now working to advance its first Nervesa well to production, following a disappointing result with a second follow-up appraisal well.
At the same time the company is now progressing with plans for its new gas venture in Morocco, where it will fund up to three wells to earn a 55% stake in a number of onshore discoveries.