Mosman Oil and Gas Ltd (AIM:MSMN) said it has raised £800,000 to fund the development of its Cinnabar project in the US and ongoing work in Australia.
A development well at the Cinnabar project (Cinnabar-1) in Texas has already been drilled and flow rates will be announced before the end of November, said Mosman.
In addition, and given the success in drilling and logging the Cinnebar-1 well, Mosman said it is proceeding with planning the drilling of additional development wells at Cinnabar and that work has started.
Technical work is also ongoing at EP 145 in Australia's Northern Territories for viable gas, helium and hydrogen.
The placing is at a price of 0.07p with one warrant for every two placing shares.