The company, which is a partner in the VNG-operated find, said proceeds from the issue would be used to fund its share of costs on the ongoing drilling effort at Pil and another well to be drilled shortly at the adjacent Bue prospect, as well as for working capital.
A sidetrack is now being drilled by semi-submersible Transocean Arctic at the discovery in production licence 586, with resources currently estimated at 50 million to 170 million barrels of oil equivalent.
The
