GEO Exploration (LSE:GEO) shares were some 20% lower on Tuesday, after it completed a capital raise of £1.25 million, with new shares priced at 0.18p per share.
GEO was formerly known as Global Petroleum Ltd.
Proceeds will be used to fund exploration at the Gorge project and advance the next drilling phase at the Juno Project, which is expected to commence in early 2026. The company also plans to support farm-out activities at PEL 94 in Namibia.
"We are very encouraged by the strong support from investors in this fundraise," said Hamza Choudhry, CFO of GEO Exploration. He said the funding strengthens the company’s balance sheet as it advances multiple projects.
In London, GEO shares fell close to 20% in Tuesday's trade, changing hands at 0.19p.