Europa Oil & Gas (Holdings) PLC (LON:EOG) is to raise up to £5mln to fund its Irish Atlantic Margin projects and also a new venture in Morocco.
A firm placing will provide £4mln at 3p per share while existing shareholders can subscribe up to another £1mln through an open offer at the same price.
Europa has exploration licences off the west coast of Ireland, where it is currently negotiating farm-in agreements with a major international oil and gas company over three of these - LO 16/20, FEL 1/17 and FEL 3/13.
Hugh Mackay, chief executive, said: “The funds raised will enable the company to continue to advance its high impact exploration portfolio in Atlantic Ireland and in particular to bring our high-graded prospects to the point of being ready to drill.
“The funds raised will enable us to deliver the work programme for a potential new licence in Morocco and to screen and land other new ventures"